Affordable Project Debuts in Miami
Located in the Wynwood Arts District, the community features lofts for artists and units for the formerly homeless.
Wynwood Works, a 12-story, 120-unit fully affordable, mixed-use development in Miami’s Wynwood District has been completed. It was developed as a public-private partnership joint venture led by the Omni Community Redevelopment Agency, Magellan Housing, Harmony Housing Affordable Development and the Udonis Haslem Foundation.
Located at 2035 N. Miami Ave., the community is the first large-scale, green-certified affordable housing and mixed-use development in Wynwood. The public-private partnership also included the city of Miami, Miami-Dade County and the state of Florida. The Omni CRA contributed the land and a $9.9 million grant for a 50-year covenant and share in the retail rents.
Financing totaled approximately $32 million in bonds issued in May 2023 by the Housing Finance Authority of Miami-Dade County with the Bank of New York Mellon as trustee, according to Yardi Matrix data. The same source reported that the project received a $3.5 million construction loan in May 2023 from the Mount Zion Baptist Church.
An official ribbon-cutting and grand opening ceremony was held Monday at the site. Attendees included Omni CRA Executive Director Isiaa Jones, Udonis Haslem of The Udonis Haslem Foundation and Haslem Housing Ventures, Magellan Housing Principal Nick Inamdar and James Triano, president of Greystone Affordable Development. City of Miami Commissioners Keon Hardemon and Damian Pardo also attended.
The project team also included the general contractor First Florida Building Corp.; Studio Mc+G Architecture; Fordess Development, the construction manager; and Gatehouse Management, the property management company.
Wynwood Works highlights
The apartments in Wynwood Works are for residents earning between 30 and 80 percent of area median income. The breakdown is: 10 percent at 30 percent AMI, 10 percent at 50 percent AMI, 60 percent at 60 percent AMI and 20 percent at 80 percent AMI. It also includes units reserved for artists and individuals transitioning out of homelessness.
Wynwood Works features a mix of studio, one- and two-bedroom units ranging from 445 to 774 square feet. Apartments will have full-size washers and dryers, decorator-designed kitchens, solid wood cabinetry, vinyl flooring, quartz countertops, energy-efficient appliances, individually controlled air conditioning, ceiling fans, mini blinds and cable TV hookups.
Amenities include a large community room, coworking spaces, a fitness center, a playground and a garden. The development includes five levels of structured parking with 102 spaces as well as on-site management and package receiving services.
Wynwood Works is situated in the rapidly emerging southeast quadrant of Wynwood. It has convenient access to employment centers, schools, medical care, shopping and entertainment as well as public transportation.
Artistic focus
Wynwood Works will include 5,698 square feet of ground-floor retail that will be curated by the Omni CRA. It will also feature artists lofts and murals created by the Bakehouse Art Complex to align with Wynwood’s artistic character.
Magellan Housing worked with Bakehouse Art Complex, which has been serving Miami-based artists since 1986, to curate the selection of public art for the project. Magellan and Bakehouse developed criteria and sent an RFP to its community of 100 artists.
Nicole Salcedo’s work, titled “Blooming Worlds,” was chosen to represent the vibrant art community in Wynwood, serving as a reminder of the neighborhood’s history and its promising future. “Blooming Worlds” occupies the building’s west façade, with four panels portraying colorful figures set against a backdrop of lush plants.
More Wynwood developments
The Wynwood area has been seeing high levels of investor interest. Last summer, PMG and Greybrook Realty Partners refinanced the recently completed Society Wynwood, a 10-story, 318-unit mixed-use development at 176 N.W. 25th St. in the Wynwood Arts District. The $178 million refinancing was provided by funds management by Ares Management and Monarch Alternative Capital. The developers broke ground in March 2021 and expect the property to be stabilized by this spring.
Also in the area, Fisher Brothers broke ground on Wynhouse Miami, a 308-unit, mixed-use multifamily community at 2200 N.W. First Ave., in July 2023. The property, slated for completion this winter, will have about 26,000 square feet of ground-floor retail and 25,000 square feet of indoor and outdoor amenities.
