January 31, 2020
Another co-living project is in the pipeline for Wynwood.
The project between 33-51 NW 28th St. will include 200 fully furnished units, according to a press release. The 8-story project will have 3,600 square feet of ground-floor retail space. Amenities include a gym and rooftop pool. The Related Group will develop the project with real estate investor the W5 Group. Related and W5 hired the Grove-based architectural firm Arquitectonica to design the building.
It will be another co-living building in Wynwood, behind the Property Markets Group and Greybrook Realty Partners project.
“As a Miami resident myself, I have witnessed Wynwood’s ascent with some interest,” said Ralph Winter, principal of W5 Group in the release. “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.”
Co-living, or apartments building with micro units and shared amenities, including communal kitchens, is one way developers aim to resolve Miami’s growing affordability issue.
The investment is part of the effort to expand the Berlin-based Quarters co-living and property management brand on behalf of the W5 Group and the Medici Living Group. The teams are investing $300 million of equity to expand the brand in select U.S. cities from Europe. There are 14 cities across the globe, including Miami, that are expected to receive a Quarters-branded project or already have one, including Washington, D.C., New York, Chicago, the Hague, Stuttgart, Munich, Rotterdam, Hamburg, Amsterdam, Frankfurt, Philadelphia and Düsseldorf.
Winter declined to share more details about the project, and Related executive vice president Jon Paul Pérez did not respond in time for publication.
The W5 Group has offices in Switzerland, New York and Miami. It established its foothold in Miami Beach in 2009.
-Rebecca San Juan