CIM Group has sold a Miami community after recently completing construction on it in the first quarter of 2022. CIM sold Strata Wynwood, located in Miami’s Wynwood Arts District, to an undisclosed seller.
CIM co-developed the community with One Real Estate Investment, breaking ground on the project in August 2019 when it was known as Wynwood Square. While the mixed-use project was recently completed, it hasn’t begun its leasing process yet.
Strata Wynwood has its 257 units located in two eight-story apartment towers in studio, one-, two- and three-bedroom floorplans that range in size from 551 to 1,288 square feet. CIM built the units with smart home technology, Wi-Fi enabled washer and dryers, and a private balcony or terrace, with select units getting kitchen islands and walk-in closets. Strata Wynwood’s amenities include a fitness center, swimming pool, open-air theater, music room, lounge areas, grilling stations, coworking spaces and 474 parking spaces.
While the top floors are residential, Strata Wynwood has three floors totaling 60,300 square feet of creative office space and 27,040 square feet of ground-floor retail. Located at 2201 N. Miami Ave., the community spans a whole city block between NE 22nd and 23rd Streets.
MAJOR MIAMI PROJECT
Despite selling Strata Wynwood, CIM is still maintaining its presence in the greater Miami region that it has developed for more than 10 years. The company is also working alongside Miami Worldcenter Associates to develop a master-planned mixed-use project spanning 27 acres. The $4 billion project, called Miami Worldcenter, includes retail, residential and commercial and hotel uses and is located in downtown Miami.
Besides developments, CIM has also provided construction financing to some luxury condo projects in the Miami area. In December 2020, the company provided Group P6 with a $68.5 million loan to construct a 48-unit community in Boca Raton, Fla. More than a year prior, CIM also provided a $73 million construction loan to National Realty Investment Advisors for its 19-unit ultra-luxury project in Delray Beach, Fla.