TRD: East End Capital launches mixed-use apartment tower in WynwoodJul 07, 2016
East End Capital is looking to fill a void of new rentals in Wynwood with its latest project: a 289-unit apartment tower called Wynwood 25.
As planned, the 400,000-square-foot project will include 31,000 square feet of ground floor retail and 340 parking spaces – the result of a massive rezoning that went into effect last fall. The developer filed plans with the city of Miami and will go before design review boards soon.“We’re targeting the demographic [of people] in their early 20s and mid-30s,” including millennials and creative-class workers, East End Managing Principal Jonathon Yormak told The Real Deal.
Development site is currently a parking lot
The building will feature a Kobi Karp-designed façade, interactive art and landscaping, and a woonerf (shared street) inspired paseo that connects 24th and 25th streets, just west of Northwest Second Avenue. “The skin of the building is a reflection of the evolving and forward-thinking artistic and industrial DNA of the Wynwood Arts District,” Karp said in a press release.
Its design also features a landscaped rooftop terrace with a pool, spa, grill, workspace and green areas. The building will be across the street from 250 Wynwood, condo building with ground floor retail space.
Eighty percent of units at Wynwood 25 will be studios and one-bedrooms with rents between $1,600 and $1,750 a month, Yormak said. The apartments will average 700 square feet with 10-foot ceilings, high-end kitchens and bathrooms, and washer/dryers. The building will also offer residents a fitness center with a yoga studio, shared workspaces, a coffee lounge in the 12,000-square-foot courtyard, bike storage, and dog wash facilities.
The retail will be a combination of restaurants and stores. Koniver Stern is handling leasing, which the developer launched at ICSC in Las Vegas in May. “We’re looking for retailers that speak to the Wynwood brand,” Yormak said.
HFF is seeking a lender for construction, he told TRD. The developer plans to break ground on the project at 339 Northwest 24th Street early next year and deliver the building at the end of 2018/beginning of 2019.
East End is also about to wrap up the Wynwood Arcade, a restaurant and retail project at 50 Northwest 24th Street. Tenants are currently working on their build-outs, with retailers planning to open by September and restaurants by Art Basel in December, according to Yormak.
Wynwood Arcade tenants include a cooking school and restaurant by Norman Van Aken, men’s clothing store Bonobos, fashion retailer Muse, the Salty Donut and furniture store Patrizia Bozzi Design.