Construction Begins at CIM Group’s Miami Mixed-Use Project
- Aug 27, 2019
CIM Group has begun construction at Wynwood Square, a mixed-use project in the Wynwood Arts District of Miami. The development includes 257 apartment units, 27,000 square feet of street retail and studio space and approximately 60,000 square feet of office space.
In April, CIM Group secured a $71.5 million construction loan to build the project from Sumitomo Mitsui Bank, according to Yardi Matrix data. The firm purchased the development site where the property will rise in November 2018.
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Located at 2201 N. Miami Ave., the property is comprised of two eight-story towers and will span a full city block, from NE 22nd Street to NE 23rd Street. The development is situated 3 miles from downtown Miami and is near main thoroughfares including interstates 95 and 395 as well as Biscayne Boulevard. The residential building will house a mix of studio, one-, two- and three-bedroom units and will offer numerous amenities and communal spaces.
CIM Group has had a prolific summer. In June, the company announced the completion of two apartment communities in Los Angeles—The Dillon and Elevate—followed by the completion of Austin’s tallest tower, The Independent, in July. In February of this year, CIM Group and partner Falcone Group finished construction of a 444-unit luxury rental building, Caoba, in the downtown Miami area.
Meanwhile, on the commercial side, earlier this month CIM Group sold the famed retail complex Hollywood & Highland, a 632,000-square-foot property housing more than 70 retailers, to a partnership of DJM Capital Partners and Gaw Capital USA for a reported $325 million.