The Related Group and Miami-based real estate firm Metro1 have secured $72.8 million in construction financing from New York City’s Cerberus Capital Management to develop an upcoming mixed-use project dubbed Wynwood 29, a two-building development of 8 and 12 stories planned to yield a combined 248 dwelling units accompanied by 26,651 square feet of retail space and 372 parking spaces. The subject properties are addressed as 2828 Northwest 1st Avenue and 2819 Northwest 1st Avenue, encompassing two parcels of land between Northwest 28th and 29th Streets in the heart of the Wynwood Arts District in Miami. Arquitectonica is credited as the design architect for the development.
When the Plantation, Florida, Fashion Mall opened in 1988, developers had high hopes for the location. Over 1,000 people attended its grand opening. Vanna White was there. Then, in less than 15 years, the Fashion Mall closed, and a 32-acre “gravesite” has remained in its place. But not for long.
Miami Worldcenter Associates, led by Nitin Motwani, Art Falcone and the CIM Group, has 280,000 square feet of retail and commercial spaces in the works at Miami Worldcenter (MWC), a 27-acre, $4 billion mixed-use mega project in Downtown Miami’s Park West neighborhood. The managing partners have planned to develop a plethora of venues and outlets throughout multiple buildings in the 10-block complex, including some buildings solely dedicated to that purpose, with several other mixed-use buildings housing variously sized spaces. The retail spaces at MWC will be a mix of food and beverage/fast casual, specialty and service establishments, and the developers are hoping to lease as locally as possible, as opposed to strictly onboarding large and recognized anchor tenants and national chains.
Texas-based Camden Property Trust is planning to redevelop a corner parcel of land adjacent to their Camden Pier District Apartments, previously known as AER Luxury Apartments, and expand the development with an 18-story residential tower at 201 4th Avenue South in the Waterfront Arts District in Downtown St. Petersburg. The developer recently purchased the 0.23-acre piece of property for $2.1 million, which is currently improved with a small medical office and a single family home. Both structures will be demolished to make way for the new tower which is planned to yield 95 additional apartments and rise approximately 200-feet.
After nearly 100 years in operation, Johnson & Wales is closing locations across the country, namely in Denver and Miami. The private university hopes to focus its attention on its central campus in Rhode Island. Yet, the now-defunct location in Miami may get a second life.