Sales Launch for NoMad Residences Wynwood

Sales of NoMad Residences Wynwood, a NoMad Hotel-branded condo building featuring a Casa Tua Cucina on the ground floor, have launched sales thanks to a joint venture between Related Group and David Edelstein’s Tricap.

Located at 2700 Northwest Second Avenue in Wynwood will house 329 units in a nine-story structure. The plans were officially approved by the Wynwood Design Review Committee on March 12, 2022.

Tricap, Related, and its project partner, Alex Karakhanian’s Lndmrk Development paid $26.5 million for the development site last year. The almost 1.3-acre property was sold by Chinese lender Seven Valleys, which took over the land from RedSky Capital and JZ Capital Partners.

The project will be NoMad Hotels’ first residential development, according to Andrew Zobler’s Sydell Group. (Last year, Zobler purchased a property in Miami Beach.) Sydell sold its stake in the NoMad hotel in New York, which reopened as the Ned last year as a Soho House property. The NoMad hotels are located in London, Las Vegas, and Los Angeles.

The Freehand hotels in Miami Beach, New York, Los Angeles, and Chicago are also owned by Sydell.

NoMad Residences Wynwood, units will range from 464 sq. ft. to 931 sq. ft. and will be fully furnished and finished. Pricing will begin in the mid $500,000 equating to over $1,000 per sq. ft. This development will have not rental restrictions and there will be in-house management team that will handle check-ins and check-outs.

According to Nick Pérez, senior vice president at Related, buyers will be a mix of investors and end users, similar to the buyer pool at Related’s two short-term rental friendly condo projects, the Crosby at Miami Worldcenter and District 225. Pérez also mentioned the slew of IT firms that have or are planning to open headquarters in Wynwood.

The building will feature a rooftop restaurant and bar, which will be directed by James Beard Award winner Leo Robitschek, who was previously the bar director at New York City’s Eleven Madison Park, a three-Michelin-star restaurant.

On the bottom floor of the building, Casa Tua, which has a flagship store in Miami Beach and a food hall at Saks Fifth Avenue’s Brickell City Centre site, will open. Casa Tua has additional sites in Aspen and Paris.

Building Information:

• Developer: Related Group and Tricap
• Interiors: Design Agency
• Architect: Arquitectonica

Building Amenities:

• Pool
• Deck with cabanas
• Indoor and outdoor fitness center
• NoMad library and lounge
• Shared workspaces
• Outdoor theater
• Art spaces

According to the press release, the construction hasn’t been secured yet. The groundbreaking is scheduled for the fourth quarter of 2022.

As More Companies Migrate to South Florida-Miami Commercial Real Estate Booms

As more companies migrate to south Florida, we are seeing more office spaces renting out, new mixed-use construction and now more than ever, new mixed-use projects. More recently, RAL Tricap Wynwood LLC has proposed a mixed-use twin tower project in the Wynwood Arts District.

Located at Northwest Fifth Avenue and 27th Street, these two 8 story buildings are proposed to have over 250,000 square feet of office and retail space. Dubbed the names, Wyn on 5th North and WYN on 5th South, this twin developments was review by the city in March 2022 and the developers are just waiting on final approvals.

Wyn on 5th North will feature 106,414 square feet of office plus 6,961 square feet of retail and 268 parking space with available bike spaces. Wyn on 5th South will showcase 139,254 square feet of offices, 16,000 square feet of retail, and 377 parking spaces. Each garage will be enclosed and will feature a roof deck.

The project was envisioned to encompass work and play into one creative space. The developer is looking to advertise to local and national companies who wish to be at the beginning stages of the Miami’s financial and tech scene.

According to the attorney, Steve Wernick, “Together, the buildings create a landmark arrival and visual gateway into the Wynwood Arts District from NW 5th Avenue, and significant public realm improvements that will enhance the connectivity and pedestrian experience of Wynwood – extending 24/7 activity to the Fifth Avenue corridor.”

The project itself will be designed Arquitectónica. Although the board recommended approval they still had some commend concerning the design, which were called “two decorated boxes.” They wish to see buildings that resembled more of what the Wynwood Design District is and what the area is all about. Another recommendation included the artwork on the exterior of the building to encompass the vibe of Wynwood.