Developers Lock In $215 Million In Construction Financing For The Wynwood Plaza

The Wynwood Plaza - Office Tower. Credit Gensler.

L&L Holding Company and Oak Row Equities announced they have closed on $215 million in construction financing for The Wynwood Plaza. This one-million-square-foot campus will bring class-AAA office, residential, retail, and outdoor space to 95 Northwest 29th Street in Miami’s famed Wynwood Arts District. The developers, alongside project partner Shorenstein Properties LLC and co-investor Claure Group, secured the loan from Bank OZK. With full project financing now in place, major construction will commence immediately, with anticipated completion in 2025.

The Wynwood Plaza – Aerial – Credit IMERZA.

In addition to securing the financing, L&L Holding and Oak Row Equities announced that they have pre-leased two full floors at The Wynwood Plaza’s 12-story contemporary Class AAA office tower. Prominent investment firm Claure Group, led by Marcelo Claure, will establish its headquarters on 25,400 square feet across the entire eighth floor. Weitz & Luxenberg, an acclaimed nationwide law firm, will open its first Miami office on 18,000 square feet across the second floor. The second floor will also house the amenity space exclusive to office tenants.

Designed by world-renowned architecture firm Gensler, also serving as the architect of record, The Wynwood Plaza will incorporate a residential building featuring luxury rental apartments, an array of indoor and outdoor dining and shopping options, and a highly-amenitized office tower totaling approximately 266,000 square feet. Inviting outdoor spaces will be designed by James Corner Field Operations, the landscape architecture and urban design practice behind New York City’s High Line and Miami’s The Underline. The project’s most distinctive characteristic will be a beautifully landscaped 26,000-square-foot outdoor public plaza– the only one of its size in the Wynwood neighborhood and one of the largest in Miami.

The Wynwood Plaza – Grand Paseo – Credit Gensler.

“The Wynwood Plaza has been designed and programmed to produce a dynamic fusion of high-end apartments, creative offices, galleries, boutiques and artisanal restaurants, all wrapped around a lush paseo, which will both complement and enrich the entire Wynwood Arts District,” said L&L Holding Company Chairman & Chief Executive Officer David Levinson and President & Chief Investment Officer Robert Lapidus. “We are grateful to our partner Shorenstein and Bank OZK, as well as to our tenants, for embracing our collective vision of The Wynwood Plaza as a nexus of culture, community, creativity and nature.”

“In every submarket Oak Row Equities develops in, we strive to deliver not only best in class product, but also the most transformative projects in each individual submarket. Wynwood Plaza is no exception,” said Erik Rutter and David Weitz, Managing Partners of Oak Row Equities. “We are thrilled to have Shorenstein and Bank OZK as our partners to bring the largest mixed-use development in Wynwood to life.”

The Wynwood Plaza – Exterior – Credit IMERZA.

“With a fast-growing population and a business-friendly environment that continues to drive a significant number of corporate expansions and relocations by prominent technology, financial and professional services companies, Florida, and the Miami metro region in particular, is an attractive market for long-term investment,” said Matt Knisely, Managing Director at Shorenstein Properties. “We are excited to partner with L&L and Oak Row to build on our successful track record in the region by delivering a market-leading mixed-use project that will provide an innovative space for tenants and the vibrant Wynwood community alike for years to come.”

“The Wynwood Plaza brings together the best of all worlds to create the ideal environment for collaboration and productivity,” said Claure Group Founder and CEO Marcelo Claure. “The sustainable and tech-focused design offers the perfect setting for businesses to innovate, grow and attract top talent. The artistry and authenticity of the campus will also be a magnet for residents and retailers who want to be part of Miami’s most vibrant neighborhood.”

The Wynwood Plaza – Office Lobby – Credit IMERZA.

The Wynwood Plaza’s office component has been intentionally designed with innovative floor plates and an expansive suite of amenities to cultivate the ideal environment for today’s innovative workforce. The building will incorporate private terraces on each floor and 14-foot windows to allow natural light to fill the workspaces. A dedicated amenity hub will include a fitness club, a cafe and bar lounge, and conference and collaboration spaces. At the same time, an expansive rooftop will feature lush landscaping and private seating areas. The office tower will have a stylish 25-foot-tall grand lobby at street level, and tenants will also benefit from best-in-class air filtration, touchless entry, and elevator systems.

The Residences at The Wynwood Plaza will include 509 luxury rental apartments with floor-to-ceiling windows, state-of-the-art appliances, exceptional finishes, and flexible layouts. Residents will have access to a best-in-market amenity package that includes four activated rooftops with a sports court, two outdoor pools with showers, a sauna, a hot tub, and a cold plunge pool. In the resident-only glass atrium, co-working spaces and private phone rooms will provide a quiet place to work from home, with a neighboring game lounge for when it is time to take a break. A modern fitness center will feature the latest equipment and dedicated areas for yoga and other classes.

The Wynwood Plaza – Office Rooftop – Credit IMERZA.

The Wynwood Plaza’s retail will become a neighborhood destination with an eclectic mix of lifestyle boutiques, micro-curated storefronts, convenient locations, restaurants, and fast casual spots. The project will include 32,000 square feet of retail, including 6,600 square feet of outdoor dining. The airy, stylish spaces will feature full glass storefronts with the opportunity for impactful exterior signage. Situated on a main pedestrian thoroughfare, the shops will benefit from ample foot traffic comprised of on-site office tenants and residents and those who live in and visit the popular neighborhood.

The project’s 26,000-square-foot outdoor public plaza will feature a pedestrian paseo with direct connections to Northwest 29th Street, Northwest 30th Street, and Northwest 1st Avenue. The paseo will be landscaped with large palm trees, plants, and flowers and form a central pedestrian thoroughfare. To showcase and elevate the creativity of the surrounding community, L&L Holding and Oak Row will collaborate with local artists to include curated works and installations throughout The Wynwood Plaza for residents and the community to enjoy.

Dustin Stolly and Jordan Roeschlaub of Newmark represented L&L Holding and Oak Row Equities in capitalizing the project, while Scott Wadler and Michael Basinski of Berkadia arranged the Bank OZK financing.

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