East End Capital has sold a fifty percent equity stake to the Related Group for the development of a mixed use scheme in the Miami neighborhood of Wynwood. The project, Wynwood 25, will feature a 289-unit apartment complex with 31,000 sqf of retail and parking for 340 parking vehicles. Located between NW 24th and 25th Streets immediately west of NW 2nd Avenue, the building will offer a fitness center, co-working space, a 12,000-square-foot green courtyard and a roofside pool.
“Parking has historically been the largest issue with Miami development on smaller sites or those encumbered with height limits,”said John Yormak, East End Capital founder and managing partner. He said that Wynwood has always been capped at eight to 12 stories but that the NRD-1 did not alter these height restrictions. “This particular site, due to its dimensions, allowed for efficient parking to be provided on site, although we made the decision to still go below ground to add one level of parking. The NRD-1 also granted a full parking waiver for up to the first 60 units that were under 650 square feet, which we have availed ourselves of.”
