National developer PMG is launching its second two-for-one deal that offers buyers a separate office suite with the purchase of a residential condo unit in Miami, a move that reflects the changing dynamics of workspace real estate.
Sales have started for Twenty Sixth & 2nd Wynwood Residences in Miami’s arts district, a little more than two miles north of PMG's similar project that allows owners to work and live within the same building that is nearly sold out, said Ryan Shear, managing partner at PMG, in an email to CoStar News.
The strategy helps the units stand out in a city with increasing competition as more developments get built. It not only plays on the idea of no commute, the developer says, but the marketing can also appeal to a wider range of buyers looking for more than simply a residence.
PMG is developing Twenty Sixth & 2nd Wynwood Residences at 2600 NW 2nd Ave. in Miami’s arts district with locally based partner LNDMRK. The eight-story condominium includes 233 residential units comprising studio and one-bedroom units. With prices for the residential units beginning at $500,000, buyers will receive a dedicated office suite ranging from 75 square feet to 160 square feet as part of their purchase at the proposed condominium.
The sizes of the proposed condo units were not disclosed. Owners will have the option to list their residential unit and their office suites on Airbnb for short-term rentals, according to a statement. Groundbreaking is planned for the first quarter of next year.
The goal with these combined projects is to create a "seamless yet dynamic experience" integrating the development's residences and office space, said Shear.
"This mixed-use approach meets the growing demand for flexible, lifestyle-driven living, especially in vibrant neighborhoods like Wynwood. It not only enhances day-to-day living but also adds long-term value by appealing to a wider range of buyers and future-proofing the project against market shifts," he added.
PMG piloted the concept when it announced plans for One Twenty Brickell Residences, a 37-story tower with 266 units in the city’s financial district in early 2024. PMG plans to hold a ceremonial groundbreaking for One Twenty Brickell this week after scoring a $413 million construction loan for the project, set to fund the condo tower's construction alongside a second 41-story 537-unit apartment tower on the same block.
Prices at One Twenty Brickell started at $600,000 when the project was announced in March 2024. The project is 98% sold, Shear told CoStar News.
“When we first presented the office concept in One Twenty Brickell, we did not expect the overwhelming response we received. … In a market that is saturated with new condo inventory we were able to create a unique offering/niche product that was in need,” said Shear.
Despite a flood of condo inventory throughout the South Florida market as older units face steep maintenance costs, luxury condominiums continue to see healthy demand, according to the Miami Association of Realtors' latest market report.
The median price for condos sold in the city of Miami that includes both the Brickell and Wynwood neighborhoods rose 7% in February to $598,000 compared to last year, according to the report. About 55% of the area's condo sales were cash purchases that are more typical of affluent buyers, the report states.
Similarly, brand-new office space in both neighborhoods is some of the highest in the city. High-end Brickell office rents average $91.44 per square foot, while in Wynwood — where firms like e-commerce giant Amazon and cryptocurrency platform Gemini are settling — rents average $75.13 per square foot. Office rent in the greater Miami-Dade area averages $53.12 per square foot, according to CoStar analytics.
PMG's Shear added the team feels “very strongly” that the newly announced project would be well-received in Wynwood, where Miami’s creatives and entrepreneurs are “looking for a true live, work, reset and play experience,” he said.
The new condominium will be PMG’s second multifamily development in the neighborhood. The group opened Society Wynwood, a 318-unit apartment complex offering coliving units a block away from the proposed condominium at 176 NW 25th St. in 2024.
Additional plans for Twenty Sixth & 2nd Wynwood Residences include over 32,000 square feet of amenities, and 26,000 square feet of ground-floor retail space with 475 feet of linear frontage. Residential sales at Twenty Sixth & 2nd Wynwood Residences are led by PMG's in-house brokerage, PMG Residential.