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Rilea Pays $6M For 13K SF Warehouse Property In Wynwood, Plans More Mohawk At Wynwood Loft Apartments

Rilea Group plans more loft apartments at its Mohawk at Wynwood mixed-use project after expanding its site.

The Miami-based developer paid $5.7 million for two warehouses at 31 and 37 Northeast 28th Street, said Rilea President Diego Ojeda. Both lots span 12,750 square feet, enlarging the overall development site at 56 Northeast 29th Street from 1.5 acres to 1.8 acres, Ojeda said.

In an off-market deal, Rilea bought the property from interior designer Michael Wolk, whose studio is based in one of the warehouses, Ojeda said. Alfredo Riascos with Gridline Properties represented Rilea, and Alfonso Jaramillo with Fortune International Realty represented the seller.

In 2002, Wolk paid $350,000 for the industrial buildings, which were completed in 1964 and 1970, records show.

“We negotiated what I think is a fair price and below market,” Ojeda said. “For us, it makes sense because it helps our project’s efficiency. For the seller, it was also good. It’s a small site that without our project didn’t have life for anything else.”

Rilea’s latest acquisition allows his firm to add 35 more loft apartments to a 12-story project originally slated for 225 units, Ojeda said. Mohawk at Wynwood, now spanning almost an entire block, will also have 31,000 square feet of ground-floor retail, 3,500 square feet of office and 337 parking spaces. Knocking down the two warehouses will also improve the design of a paseo planned for the project, Ojeda said.

“Before, the paseo had a big wall on the south side,” Ojeda said. “Now that we own the site, the wall will no longer be there. You will have retail on both sides when you walk the paseo.”

 

Source:  The Real Deal

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Rilea, Promanas Buy Wynwood Dev Site, Plan Short-Term Rentals

A short-term rental project with 127 units is coming to Miami’s Wynwood neighborhood.

Developers Rilea Group and Promanas Group bought the site on the southwest corner of Northeast 29th Street and the Florida East Coast Railway tracks for $12.2 million, with plans to build The Rider, according to a release from Rilea and Promanas.

The properties at 94 and 100 Northeast 29th Street and 101 Northeast 28th Street total 0.6 acres, records show. Seller 101 NE 28 St LLC ties to Jeffrey Miller of Krillion Ventures.

Alfredo Riascos and Yonatan Missika of Gridline Properties represented the buyers. Liana Rivera of LLV Realty represented the seller.

The area still lacks hotels, which prompted the developers to build a short-term rental project, Rilea’s Diego Ojeda said in a release.

Plans call for a 12-story project with 8,500 square feet of ground-floor retail, a rooftop restaurant and a pool bar, according to the release. Construction is expected to start in 2023.

Units at The Rider, near a planned passenger commuter train station, will be rented through short-term rental sites such as Airbnb and VRBO, according to the release.

 

Source:  The Real Deal

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Rilea Group Closes On Development Site In Wynwood For $22 Million As Location For 225-Unit Rental Community

Rilea Group announced the closing of a 1.5 acre development site in Wynwood for $22 million as the location for their upcoming mixed-use rental community known as MOHAWK at Wynwood.

Gridline Properties’ brokers Alfredo Riascos and Yonatan Missika represented Rilea Group in the off market transaction located at 56 NE 29th Street. This is the development firm’s first venture in Wynwood and the first in the neighborhood to be largely funded by crowdfunding. Earlier this year, Rilea Group tapped the Los Angeles based crowdfunding platform, RealtyMogul to raise an initial $10 million through their robust network of investors. Rilea Group’s goal was surpassed, raising an estimated $12.5 million in record time.

The seller is 29th Street Warehouse LLC, managed by Lombardi Properties.

“In recent years, we had been approached many times by different developers to sell this significant site. We never really felt comfortable until we met the Ojedas, said David Lombardi,” Principal and Broker of Lombardi Properties. “We are confident they will execute an incredible project worthy of this site,” continued Lombardi.

Located at the crossroads of Miami’s trendy and burgeoning Wynwood and Midtown neighborhoods, the site was presented by Gridline Properties as the ideal location for Rilea Group’s first development in Wynwood. Future residents will be walking distance from neighborhood destinations such as Wynwood Walls, The Shops at Midtown Miami and a short five-minute drive to the Miami Design District and I-95. The site is also one block away to the north from the proposed Trader Joe’s Midtown location and a block away to the south of the potential Wynwood Brightline Station. The project comes at a time of a continued mass migration of California and New York residents to Miami, causing a surge in demand for housing. Gridline Properties sourced the site in the Fall of 2020 – meaning this transaction was negotiated during the height of the pandemic and put under contract early this year. Amidst the uncertainty brought on by COVID-19, Rilea Group was able to see beyond the chaos and seized a unique opportunity while taking advantage of less competition caused by the pandemic.

“We were thrilled to find the ideal location for MOHAWK at Wynwood and are excited to see this uniquely-designed development come to fruition,” says Riascos, Principal and Broker of Gridline Properties. “This transaction continues to prove that Wynwood is one of the most resilient neighborhoods in Miami and is a clear indicator that the trendy neighborhood has emerged much stronger post pandemic,” he continued.

 

“MOHAWK at Wynwood was created to meet the demand of this new wave of Miami residents and was entirely conceptualized based on the needs of consumers living in a post COVID-19 world,” says Diego Ojeda, President of Rilea Group.

The 12-story, 225-unit, multi-family apartment building will consist of 215,430 square feet of leasable property which will include 22,000 square feet of prime ground floor retail and 3,500 square feet of private, for-rent offices for the work-from-home crowd, sitting on a total 65,700 square feet (1.5 acres). The community will provide tenants with a state-of-the-art gym with peloton bikes, a private park and dog park, kid’s playroom, rooftop pool and bar, resident’s lounge as well as exquisite art and murals adorning the building.

“These newcomers are seeking design-forward living spaces that fit the needs of their current lifestyles. With the incorporation of unique amenities that cater to those needs and an exquisitely designed space, MOHAWK will provide residents with a turn-key home in this new age,” Ojeda continued.

Designed by Javier Barrera of Miami-based Deforma Studio, the building’s architecture will draw inspiration from the industrial feel of New York’s SoHo and Meatpacking districts with an added Miami flair – combining exposed brick, steel and concrete with various murals on the building’s façade in true Wynwood fashion. Stylish interiors will feature original artwork from artists such as Jean Michel Basquiat and Marco Grassi as well as fine photography encapsulating the developer’s vision.

“MOHAWK at Wynwood is a next generation residential community inspired by the strength of sophisticated architecture and the boldness of a creative culture that chooses to live on the edge. MOHAWK is the pinnacle of cool,” says Ojeda.

Rilea Group has a 40-year track record of successful developments in South Florida such as JP Morgan Tower – 1450 Brickell, One Broadway and the Sabadell Financial Center among many others. Most recently, the firm completed The Bond, a residential project in Brickell that became 100 percent sold-out during construction.

RealtyMogul has a community of over 200,000 individual investors across a $3.1 billion portfolio that includes over 17,000 multi-family units, making them the ideal crowdfunding partner for Rilea Group.

“The MOHAWK project had an incredibly strong reception with our investor base. In fact, we twice increased the amount of capital to be raised on the platform – as investors had been attracted to MOHAWK based on the strength of sponsorship, the growth and strength of the Miami market and the potential returns based off an investor-friendly waterfall,” said Jilliene Helman, CEO and Founder of RealtyMogul.

Next year, investors will have another opportunity to invest in this project for the construction phase, for which Rilea Group will need to carry out additional fundraising. Rilea group has agreed to allow RealtyMogul the opportunity to source an additional $10 million.

Construction of MOHAWK at Wynwood is expected to begin in 2023.

 

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Rilea Group Taps Crowdfunding Platform RealtyMogul For Project In Wynwood

Rilea Group launched a crowdfunding effort to capitalize a mixed-use project near the Wynwood Art District neighborhood of Miami.

The Miami-based developer has qualified its Mohawk at Wynwood project for the crowdfunding platform run by RealtyMogul. RealtyMogul has more than 200,000 qualified investors.

The developer has 1.5 acres at 56 N.E. 29th St. under contract. The property is currently owned by 29th Street Warehouses LLC and has an old warehouse.

Rilea Group President Diego Ojeda said the campaign, which launched April 5, aims to raise $10 million through crowdfunding towards the $103 million project. There will probably be a second round of crowdfunding, and it would be combined with equity from high-net-worth investors and debt.

 

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