The developers recently took out $117 million in construction financing.

WNWD21. Image courtesy of Related Group

A joint venture between Related Group and Rockpoint has broken ground on WNWD21, a mixed-use luxury tower in the Wynwood neighborhood of Miami. Cohen Freedman Encinosa & Associates are handling architecture and Iddi Design is in charge of interior design. Beauchamp Construction Co. is also part of the project, with completion slated for the third quarter of 2024.

The developers recently took out a $117.1 million construction loan from Bank OZK for the development, Yardi Matrix data shows.

The project incorporates two 12-story structures and a seven-story garage with more than 500 parking spaces. The development is designed to include 304 rental units, 63,000 square feet of office and more than 18,000 square feet of retail space.

Apartments will range from roughly 500 to 1,300 square feet encompassing one-, two- and three-bedrooms floorplans. Community amenities are expected to include a rooftop pool deck, spa, sauna, private theater and music room and coworking space as well as a curated art museum.

A vibrant Miami neighborhood

Located at 2150 N. Miami Ave., the site is 2 miles from downtown Miami. The property will be located within a vibrant walkable area which offers access to art galleries, luxury boutiques, nightlife options and high-end restaurants as well as the Wynwood Walls.

Jon Paul Perez, president of Related Group, stated in prepared remarks that since the early 2010s the company has intended to capitalize on the lack of residential products in the popularly eclectic neighborhood, mentioning that demand aligns with the firm’s expectations when it entered Wynwood in 2017. Earlier this year, Related Group broke ground on a mixed-income development and also secured $76 million in construction financing for a 343-unit luxury condominium project, both across metro Miami.