CIM Group has topped out Wynwood Square, its mixed-use development in Miami’s Wynwood Arts District, and is on track for completion in mid-2021. CIM is co-developing the project with One Real Estate Investment.
The project, which features two eight-story towers, will have about 60,000 square feet of office space, 27,000 square feet of street-level retail and studio space, 257 apartments and 480 parking stalls.
Located at 2201 N. Miami Ave., the 1.78-acre site spans a full city block and is bounded by NE 22nd and NE 23rd streets. It also has approximately 250 linear feet of frontage on N. Miami Avenue to the west and fronts the Brightline Rail to the east. 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 three office floors are located above the street-level retail and studio space and extend across the full block. The design will allow for flexible configurations and the ability to divide the approximately 20,000-square-foot floorplates into office suites. Users will be able to design interiors to meet individual needs, as well as create areas that will delineate employee spaces and the necessary distancing that will be sought in the post-pandemic office world. The spaces feature floor-to-ceiling windows and 12-foot-high ceilings.
The ground-floor retail space will accommodate a variety of shops, cafes, restaurants, galleries and other businesses that are seeking a prominent location in Wynwood, a nationally recognized center for arts, innovation and culture. The district has been transitioning from an industrial zone to an area where former factories and warehouses have been repurposed as galleries, studios, bars, workshops and offices. The evolving neighborhood also includes residential offerings.
At Wynwood Square, the apartments are set above the retail and office base at the northern and southern ends of the block. Ranging from studios to three-bedroom units, they will provide contemporary residences in a variety of sizes and floorplans.
CIM, which acquired the fully entitled development site in November 2018, began construction in August 2019. CIM has been involved in the Greater Miami area for more than a decade. At the time of the site acquisition, CIM was developing Caoba, a 444-unit, 43-story apartment tower in downtown Miami. Caoba is part of the master-planned Miami Worldcenter project in which CIM is also an owner and co-developer.
Earlier this month, CIM launched a new closed-end interval fund, the CIM Real Asset & Credit Fund. CIM RACR is expected to invest in a mix of institutional-quality real assets and credit instruments.
The firm also revealed this month that it plans to buy the 869,000-square-foot Baldwin Hills Crenshaw Plaza mall in Los Angeles for more than $100 million and possibly add office space to the regional shopping center. While the current owner, Capri Urban Investors, had received city approval to add 2 million square feet to the site, including more stores, a hotel, office space, apartments and condominiums, CIM Group Principal & Co-Founder Shaul Kuba has stated he does not believe residential uses are suitable for the property but would consider adding office space.