L&L Holding, Oak Row Equities Top Out 509-Unit Miami Project
A $215 million construction loan from Bank OZK financed the development.
A joint venture of L&L Holding Co. and Oak Row Equities, together with partner Shorenstein Properties and co-investor Claure Group, have topped out the Residences at The Wynwood Plaza, a 509-unit luxury multifamily development in Miami. Completion is anticipated in 2025.
Designed by Gensler, the Residences will encompass studio, one- and two-bedroom floorplans with floor-to-ceiling windows and flexible layouts. Amenities are slated to include a fitness center, two outdoor pools, a sauna, coworking spaces, a game lounge, a multi-purpose sports court and a sauna. The property is also set to feature a 26,000-square-foot landscaped public plaza with sculptures and art installations.
The residential development is part of the 1 million-square-foot Wynwood Plaza mixed-use project that also includes an office tower, 32,000 square feet of retail space and a half-acre landscaped public plaza.
The Wynwood Plaza, up close
Early 2023, the developers broke ground on The Wynwood Plaza after having secured $215 million in financing from Bank OZK for the project’s construction. The partners had acquired the 2.9-acre site in 2020, and since then two upzonings have been enacted to allow a higher residential density than the initial 319 possible units.
In September, the 12-story, 266,000-square-foot office component topped out. The building will house Claure Group’s 25,400-square-foot headquarters, as well as law firm Weitz & Luxenberg’s 18,000-square-foot Miami offices.
Located at 95 NW 29th St., within Miami’s famous Wynwood neighborhood, the mixed-use development is some 5 miles north of downtown Miami and 7 miles from Miami International Airport. The property is also 2 miles from Jackson Memorial Hospital and within walking distance of the Wynwood Walls.
Miami multifamily development keeps up
Throughout 2023, developers broke ground on 70 properties in the Miami metro area totaling more than 19,600 units, according to Yardi Matrix information. Deliveries also amounted to 70 properties, some 17,000 residences having been brought to the market.
One luxury development currently underway in Wynwood is a 210-unit community on which Fifield Cos. and PGIM Real Estate have recently started vertical construction. The site is less than a mile from The Wynwood Plaza.
