1 Comment

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

No Comments

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.

 

No Comments

One Of The Oldest Churches In Miami-Dade County Sells

Gridline Properties announced the sale of a unique 28,947 square foot property located at 205 NE 87th Street for $5,425,000 after being vacant for more than 10 years.

Located in Miami’s Upper East Side and within the emerging El Portal Village, the building was formerly home to a Methodist church and school. Gridline Properties’ Principal and Broker Alfredo Riascos represented the sellers, real estate developers Seth Gadinsky of Gadinsky Real Estate, LLC and Samuel Soriero of Group 10 Capital Management, LLC.

The buyer, The Sanctuary LLC, a client of Elm Spring, Inc., plans to adapt the property into restaurant, retail and office space. The transaction was finalized on Friday, March 19.

The sellers acquired the property in 2016 for $3,200,000, and entitled the asset into a mixed-use retail, office and event space building. However, once Miami’s Little River and Upper East Side markets began showing substantial growth, they decided to switch gears and test the sale market – ultimately selling to a client of Elm Spring, Inc. given their intentions to pick up where they left off.

This prominent, mixed-use building, built in 1952, occupies two acres of Miami’s El Portal neighborhood – falling between North Miami and Downtown. Given its distinctive character, this charming church property, once known as the Rader Memorial United Methodist church, offers a main hall (former cathedral) that boasts dramatic high ceilings and 5,000 square feet of open space attached to a two-story structure (former school) that houses more than twenty rooms with perimeter windows and an impressive portico that overlooks the expansive courtyard and garden. The property’s location adds to the appeal of this space with its close proximity to notable Upper East Side landmarks such as The Citadel, MADE, Ebb + Flow and The Vagabond Hotel.

Gridline Properties has been instrumental to the growth of Miami’s Upper East Side, participating in the sale and leasing of projects such as Upper Buena Vista, 55th Street Station and Ebb + Flow amongst other notable projects and transactions.

“This sale further emphasizes the recent growth of the Upper East Side and demonstrates the growing investor demand in the area,” said Riascos. “We are excited to see how the development of this formerly vacant asset continues to uplift and add value to the surrounding area.”

This purchase along with many others, comes at a time of increased interest in the Miami market following a year of extreme uncertainty due to the Covid-19 pandemic.

“2020 brought so much ambiguity to the future of our market. However, the positive sales activity that we’ve seen throughout the first quarter of 2021 has marked a turning point and elevated Miami to one of the most attractive investment markets in the country,” said Riascos.

 

© 2023 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.