L&L Holding JV Lands $215M for 1 MSF Miami Project
The Wynwood Plaza will feature 509 luxury apartments, along with office and retail space.
A joint venture between L&L Holding Co. and Oak Row Equities has closed on a $215 million construction loan for the development of The Wynwood Plaza, a 1 million-square-foot mixed-used project in Miami’s Wynwood Arts District. Shorenstein Properties LLC and co-investor Claure Group are also part of the development team.
Newmark’s Capital Markets Debt & Structured Finance team assisting the developers in financing the project was led by Vice Chairmen & Co-Heads Jordan Roeschlaub and Dustin Stolly. Managing Director Scott Wadler and Vice President Michael Basinski of Berkadia arranged the Bank OZK financing on behalf of the borrowers.
With full financing in place, the development is slated for completion in 2025. Architecture firm Gensler will serve as designer and architect of record, while James Corner Field Operations will oversee the landscape architecture efforts at the property.
The residential component
The Wynwood Plaza will take shape at 95 N.W. 29th St. and will consist of a luxury rental apartment building, indoor and outdoor dining and retail areas and a 12-story Class A office tower totaling 266,000 square feet. L&L Holding and Oak Row Equities will also incorporate artwork from local artists throughout the development.
READ ALSO: How to Attract and Retain Gen Z Renters
Furthermore, the project is set to include a 26,000-square-foot outdoor public plaza, reportedly the biggest of its kind in the Wynwood area and one of the largest in Miami. The plaza will feature a landscaped area with large palm trees, plants and flowers, as well as a pedestrian paseo connecting it to Northwest 29th, 30th Streets, as well as 1st Avenue.
The multifamily component at Wynwood Plaza calls for 509 luxury apartments with a variety of floorplans. Amenities will include four rooftop spaces with sports courts, two outdoor pools with showers, a sauna, a hot tub and a cold plunge pool. The complex will also include coworking workspaces, private phone rooms, a fitness center and a game lounge for residents.
The retail and office blend
To complement the luxury residential landscape, the project will comprise 32,000 square feet of retail space, including 6,600 square feet of outdoor dining. The development will also provide a variety of retail options along the main pedestrian walkway, including a diverse selection of shops, storefronts, convenience stores and dining options, ranging from casual eateries to lifestyle boutiques.
The office element of The Wynwood Plaza will feature adaptable layouts and a variety of amenities, aimed at creating an ideal work environment for today’s workforce. These amenities will include a gym, a café and lounge, outdoor seating areas on the rooftop, as well as conference and teamwork areas. Additionally, the office building will have a large 25-foot-tall lobby on the ground floor.