A developer that built a 43-story apartment tower in downtown Miami has started construction on a mix of rentals, offices and retail in the city’s emerging Wynwood neighborhood.
CIM Group, which is based in Los Angeles, acquired the 1.78-acre site at 2201 N. Miami Ave. where work has started last fall for $16.64 million from One Real Estate Development, which paid $15 million in 2015, according to CoStar data. The two firms are co-developing the project , which is expected to be complete in mid-2021.
The development will include two eight-story buildings with apartments ranging from studios to three-bedroom units. Three office floors will be built above ground-floor retail space, ideal for shops, cafes and galleries, CIM Group said in a statement. The architect and general contractor for the project were not disclosed.
Wynwood is undergoing big changes as developers build residences, offices and retail in the former industrial area-turned-arts district north of downtown. Last week, an affiliate of Property Markets Group of New York paid $46 million for 1.6 acres in Wynwood and plans to build apartments there.
CIM Group’s previous Miami project is the 444-unit Caoba apartment building that opened in January at 698 NE 1st Ave. as part of the $4 billion Miami Worldcenter, one of the biggest mixed-use projects under construction in the country. It is expected to include 300,000 square feet of retail, nearly 2,000 residential units, up to 600,000 square feet of offices and 1,700 hotel rooms.
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