Wynwood Short Term Rentals Available After Site Purchase
A short-term rental project with 127 units is coming to Miami’s Wynwood neighborhood.
Developers Rilea Group and Promanas Group bought the site at the southwest corner of Northeast 29th Street and Florida’s east coast railroad tracks for $12.2 million, with plans to build The Rider, according to a statement from Rilea and Promanas.
Properties at 94 and 100 Northeast 29th Street and 101 Northeast 28th Street total 0.6 acres, records show. The seller 101 NE 28 St LLC is linked 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.
Wynwood, historically a garment industrial district with single-family homes, has been transformed in recent years into an entertainment and dining destination with new apartment towers. More multi-family development is also on tap.
Yet the area, which attracts out-of-town visitors, still lacks hotels, prompting developers to build a short-term rental project, Rilea’s Diego Ojeda said in the statement.
Plans call for a 12-story project with 8,500 square feet of retail on the ground floor, 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 commuter train station, will be rented out through short-term rental sites such as Airbnb and VRBO, according to the statement.
The Brightline passenger train, which is scheduled to resume service in November after a hiatus during the pandemic, now connects downtown Miami, Fort Lauderdale and West Palm Beach. Local governments have been in talks with Brightline about creating a commuter line with more frequent stops, including one at Wynwood, roughly northeast of 27th Street.
Promanas, based in Ann Arbor, Michigan, is a private commercial real estate investor founded and led by John Bogdasarian, according to the release.
Miami-based Rilea already has a multi-family Wynwood project on tap. It is developing the 225-unit Mohawk in the Wynwood apartment building, after paying $22 million for the project site at 56 Northeast 29th Street in June.
Besides Diego Ojeda, Rilea is also led by owner and CEO Alan Ojeda. The company’s past projects include the 1450 Brickell office building, The Bond condominium, the Sabadell Financial Center and Monte Carlo, a short-term rental building in Miami Beach.
Among the Wynwood projects planned by other developers, David Edelstein’s TriStar Capital, the Related Group, Alex Karakhanian’s Lndmrk Development and Tricera Capital want to build a residential project of more than 300 units at 2700 Northwest Second Avenue. They bought the site for $26.5 million in September.