CIM Group Commences Construction of Mixed-Use Development in Miami’s Wynwood District
MIAMI--CIM Group today announced that it has begun construction of a mixed-use development on a 1.78-acre site at 2201 N Miami Avenue in the Wynwood district of Miami, Florida. The project includes approximately 27,000 square feet of street-level retail and studio space, approximately 60,000 square feet of office space, 257 apartment units and approximately 480 parking stalls. Spanning a full city block bounded by NE 22nd and NE 23rd Streets, the site has approximately 250 linear feet of frontage on N. Miami Avenue to the west, and fronts the Brightline Rail to the east.
Three office floors will be located above the street-level retail and studio space and extend across the full block. Set above are two eight-story towers, at the northern and the southern ends of the block, providing contemporary apartments in a variety of sizes and floor plans, from studios to three-bedroom units. Residents will be able to enjoy numerous onsite amenities and large communal gathering spots throughout. The retail, office, and apartments feature floor-to-ceiling windows, which provide an abundance of natural light.
The development is well-positioned in Wynwood, a distinctive area in the urban core of Miami, nationally recognized as a center for arts, innovation and culture, as well as one of the major settings for Art Basel, and one of the world’s largest street art installations. The ground floor retail space will accommodate a variety of shops, cafes and restaurants, galleries or other businesses that desire a prominent location in Wynwood. In addition to providing new housing, CIM's mixed-use project is a significant addition to the evolving fabric of Wynwood.
The Wynwood Arts District has been transitioning from an industrial zone to a flourishing center for art, fashion and creative enterprises, with rehabilitated factories and warehouses repurposed for galleries, studios, bars, workshops, and offices, and evolving into a desirable residential neighborhood. Facades of buildings throughout the district showcase vivid murals, and the neighborhood’s stylish clothing boutiques, restaurants, and unique shops are a draw for residents, workers, and visitors alike.
CIM has been involved in the greater Miami region for more than 10 years and brings its proven real estate development and operational expertise to delivering this significant mixed-use project in Wynwood. CIM is co-developing the property with One Real Estate Investment. Among CIM’s other projects in the area is Caoba, a 444-unit, 43-story apartment tower, which welcomed residents in January, and is a part of the master planned 27-acre mixed use Miami Worldcenter project in which CIM is also an owner and co-developer.
The project is anticipated to be complete in mid-2021. CIM acquired the fully-entitled site in October 2018.
ABOUT CIM GROUP
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in metropolitan communities across the Americas on behalf of its own account and its partners, co-investors and shareholders. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in urban real assets, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.