CIM Group Tops Out Construction of Mixed-Use Development in Miami’s Wynwood District
MIAMI--CIM Group today announced that it has topped out construction of the two eight-story towers set above the ground floor retail and three levels of office space which comprise CIM’s significant mixed-use development at 2201 N Miami Avenue in the Wynwood Arts District of Miami. The development, which is a major contributor to the evolving Wynwood district, includes approximately 60,000 square feet of office space, 27,000 square feet of street-level retail and studio space, 257 apartments and approximately 480 parking stalls. The 1.78-acre site spans a full city block bounded by NE 22nd and NE 23rd Streets, with approximately 250 linear feet of frontage on N. Miami Avenue to the west and fronts the Brightline Rail to the east.
Three office floors are located above the street-level retail and studio space and extend across the full block creating expansive office space that allows for flexible configurations and the ability to divide the approximately 20,000-square-foot floor plates into office suites. The newly-constructed raw space provides the user the ability to design interiors to meet individual needs as well as a fresh approach to delineated employee spaces and distancing that reflect the demands of our new environment. Abundant floor-to-ceiling windows infuse the space with natural light, while 12-foot high ceilings add to the spaciousness.
Set above the retail and office base 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.
The development has a central position 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.
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 -- an evolving neighborhood, which includes more residential offerings.
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 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, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.