Miami-based Related Group, the largest condo developer in South Florida, has completed several conventional apartment buildings and an office building in Wywood. The new project would be one of the neighborhood’s first co-living projects, where residents share living units and can rent by the bed.
Related Group affiliate PRH NW 28 LLC paid a combined $6.65 million in July 2019 for the 20,700-square-foot site at 33, 45 and 51 N.W. 28th St. Now, it said W5 Group, the family wealthy office of Ralph Winter, would provide 80% of the capital for its project there.
“As a Miami resident myself, I have witnessed Wynwood’s ascent with some interest,” said Ralph Winter, principal of W5 Group. “However, as neighborhoods become more desirable, young people are often priced out. Co-living is an exciting proposition that offers tremendous value, enabling them to experience modern living in highly attractive units – all while meeting like-minded individuals and forming rewarding new bonds in coveted metropolitan areas.”
The project would have 200 fully furnished co-living units and 3,600 square feet of ground-floor retail. Amenities would include a coworking space, a fitness center, multiple common areas, a rooftop pool, and landscaped outdoor space.
The developers plan to break ground near the end of 2020 and compete it in late 2021.
“Wynwood is a truly unique and special urban environment,” said Jon Paul Perez, executive VP at the Related Group. “This collaboration with W5 Group is consistent with our commitment to ensuring that every new project in Wynwood, regardless of size and scale, enhances the neighborhood’s livability without compromising its rich culture.”
Wynwood has transformed from an industrial area to a popular tourist attraction full of street art, dining and shops. New zoning has allowed for large-scale mixed-use development. Many of the first buildings have been apartments and offices, and the rents rival downtown Miami.
There could certainly be more opportunities in Wynwood, and surrounding neighborhoods, for the Related Group and W5 Group.
“We are focused on working with best-in-class development partners that share our commitment to advancing innovative living projects, and Related Group represents a natural fit,” Winter said. “Our respective experiences and priorities are highly congruent, and we are confident that this Wynwood development will mark the first in a series of exciting collaborations.”