The recent change in zoning codes for the City of Miami has allowed for the creation of new housing projects with lower building costs. In an effort to transition Wynwood from an industrial area to a vibrant, stand-alone neighborhood, Miami’s Related Group and New York’s East End Capital developed Wynwood 25, a 100 million dollar project aimed at bringing full-time residents to the area. Located on Northwest 25th Street, Wynwood 25 hosts 289 modern micro-units: smaller, affordable apartments targeted for young professionals who want to live in desirable neighborhoods without paying enormous rents. In addition to the shopping, art, restaurants, and nightlife available in the area, Wynwood 25 offers a variety of amenities, including valet parking, a pet grooming spa, a state-of-the-art gym, and a rooftop deck with an outdoor kitchen and a resort-style pool.
Before Wynwood 25 leaves their temporary office space here at The LAB and moves to their permanent office one block over, we spoke with Cindy Palomo, the project manager for Wyndwood 25.
The trend of micro-units, creating affordable rentals in otherwise expensive areas, is popping up in large cities across the country. What makes Wynwood 25 different from other real estate groups in the micro-unit industry?
We are the only group building rental units in Wynwood. We brought this industry to Wynwood with Wynwood 25 and are expanding it with a second neighboring building. By buying these properties well in advance, we are able to change the neighborhood with high rises.
Micro-unit rentals are being built in huge metropolitan areas, like New York City, Chicago, and San Francisco. Why was Wynwood chosen as the location for these rentals? Are you collaborating with any local companies?
Wynwood is up-and-coming and constantly growing. We bought the lots a while ago, but now the area is changing with new landscaping down the streets and the renovation of old warehouses. We are partnering with many local companies, such as Panther Coffee, Growler, and Salty Donut, to give gift cards to our residents. The goal is for our residents to become customers at these local establishments.
What part of working for Wynwood 25 do you enjoy the most? What are you most excited about for the opening of Wynwood 25?
The interesting people I meet here in Wynwood. Also, because the project is in Wynwood, I get to do cool projects, like the three murals we have around the building, that would seem crazy in our other high-end buildings. I am most excited about bringing all these interesting people in one place and offering them fun experiences, like meditation and rooftop parties.
What is the primary goal of establishing Wynwood 25?
To bring people to Wynwood and give them a fun, safe, and creative environment.
Wynwood is known for its diversity, culture, and uniqueness. Many fear that the building of these state-of-the-art rentals will commercialize Wynwood and remove the neighborhood’s authenticity. How will Wynwood 25 maintain Wynwood’s vibrant and eclectic community?
We’re not going to Starbucks to bring coffee to our residents; we’re going to Panther Coffee. We’re bringing business to the local establishments.
Wynwood 25 hosts 289 modern micro-units with a variety of upscale amenities provided. Which part of the design or functioning of the building do you feel are the most important to the success of Wynwood 25?
I think that it is super important that our location is in the middle of everything available in Wynwood. Also, our building was designed to have everything our residents could need, from a fitness center to a working space to a rooftop pool.
Wynwood 25 was funded by Miami’s Related Group and New York’s East End Capital. What are the benefits of working with such prestigious groups? How has their support affected the success of Wynwood 25?
It is our reputation. People already know us and our standards. They are aware of the high-class service they are receiving when working with us.
Wynwood 25 will be ending their membership at The LAB in the upcoming week and move their office to the residential building. What have you benefited from while using The LAB as your office space?
We were able to get to know all the local owners. By talking to them here at The Lab, we were able to hear about their cool businesses and collaborate.