Rental buildings break ground in Miami’s Wynwood Norte District

By Erik Bojnansky for South Florida Business Journal

ABH Developer Group broke ground on two more apartment buildings in the Wynwood Norte district in Miami.

The Miami-based development firm announced it broke ground on Wyn 1 and Wyn 2 on Sept. 24. Located at 3333 N.W. 1st Ave., Wyn 1 will be a four-story, 51-unit apartment building when completed in 2026. Wyn 2, a four-story apartment buildings with 45 units, is being built at 401 N.W. 34th St. and should be finished shortly after Wyn 2, ABH Developer Group stated.

Designed by the architecture firms Modis in Miami and Buenos Aires-based Estudio Viviana Melamed, Wyn 1 and Wyn 2 will consist of one and two-bedroom apartments that range from 450 to 750 square feet. Amenities include a rooftop pool, outdoor garden, fitness center, and co-working space. Residents will also be given access to on-demand scooters with dedicated parking and storage, ABH Developer Group stated.

Aventura-based MG3 Group is the general contractor for both projects.

The apartments are being built within a 180,000-square-foot area that ABH Developer Group assembled in the Wynwood Norte area in 2021. The firm stated it has 13 multifamily and mixed-use projects in various stages of development in Wynwood Norte.

ABH Developer Group projects in the Wynwood Norte area now under construction include Wyn 05, a mixed-use project with 25 apartments and 1,000 square feet of retail; Casa Wyn, a 24-unit condo; Wyn Ave, a mixed-use building with 44 apartments and 2,370 square feet of retail; and W35, a mixed-use project with 24 apartments and 2,500 square feet of ground floor office space.

“We are thrilled to reach these exciting milestones and advance our mission of revitalizing the district, an area with tremendous potential,” said Alexis Bogomolni, CEO of ABH Developer Group.

“As the largest property owner in the district, it’s been really important for us to stay true to our vision and develop in the right way,” added Valentin Carbonell, COO of ABH Development Group.

Crafted with input from Wynwood residents, the 140-acre area encourages low-scale development where height is capped at eight stories. It’s located west of Midtown Miami, a former rail yard that was redeveloped into a mixed-use community in the mid-2000s, and the Wynwood Arts Disrtrict, an area once dominated by warehouses and artist studios that is now being redeveloped into an area of upscale retail, residential, and offices.

Demand for housing took off after the pandemic as wealthy households migrated to South Florida in a quest to find good weather and avoid state income taxes. In response, most developers are building apartments for households that can afford to pay high rents.

As of July, rent averaged $2,806 a month in South Florida, according to the Waller, Weeks, and Johnson Rental Index, the ninth highest rate in the nation.

External Source: Wyn 1 and Wyn 2 break ground in Miami’s Wynwood Norte – South Florida Business Journal (bizjournals.com)