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The Related Group Bets Big on Wynwood

Miami Developer Planning Nearly 650 Residences in Trendy Arts Neighborhood
April 27, 2018
Jon Paul Perez, a vice president at The Related Group, spends most Saturdays in the car looking for development opportunities in Miami's most popular neighborhoods.

And he notices the same thing just about every time he zooms through Wynwood: The place is packed.

“People love Wynwood,” Perez said of the revitalized, 50-block corridor north of downtown. “But if someone wanted to live there, where would they live? It’s a neighborhood that is lacking residential.”

Miami-based Related plans to change that, with three major projects in the pipeline.

Related, headed by Perez’s father Jorge – who built the company into one of the nation’s largest multifamily developers, started construction this week on The Bradley Wynwood. The five-story building is expected to open in early 2020 with 175 micro-unit rentals at 51 NW 26th St. in Miami.

The studio, one- and two-bedroom units will range from 480 to 1,000 square feet, and Related says about 80 percent of the apartments will rent for less than $2,000 a month. Amenities include a second-story courtyard, rooftop pool, fitness center and a deck with city views.

Jon Paul Perez said he doesn't think people will mind living in a small space if it puts them in the heart of Wynwood.

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With rents and home prices on the rise across South Florida, the micro-units can help solve the region’s affordable housing crisis, said Ken Johnson, a real estate professor at Florida Atlantic University in Boca Raton, FL.

He said that The Bradley likely will attract renters who want to be in an urban setting, but who otherwise couldn’t afford to live in and near downtown Miami.

“This will create alternatives for people in the service industry, teachers and police officers,” Johnson said. “Before, in downtown Miami, they didn’t have an option.”

Wynwood once was a rundown industrial area, but the arts district is increasingly becoming a major retail, office and residential destination.

Related also is in development on Wynwood 25, a 289-unit apartment complex at 215-339 NW 24th St. It’s adjacent to The Annex, a 50,000-square-foot office and retail project.

Wynwood 25 is due to open next spring as the first major residential development in the neighborhood, Perez said.

Related’s third project, Wynwood 29 at 2828 NW 1st Ave. originally was planned as 182 micro-unit condominiums. But Perez said Related still is testing the market and may decide to make those rentals instead. He said that he would know more in three to six months.

Back at The Bradley, renowned architect Arquitectonica is handling the designs. Singer Lenny Kravitz’s company, Kravitz Design of New York City, will serve as creative director on the project. Block Capital Group provided the construction financing.

Privately-held Related, founded in 1979, says it has built more than 90,000 multifamily and commercial units with a portfolio of projects topping $15 billion.

Even with three planned developments in Wynwood, Related still could wind up buying more sites there, Perez said.

“We’re actively looking,” he said, “but we’re being conservative and patient.”

Paul Owers, South Florida Market Reporter  CoStar Group   

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