Related Group and W5 Group Begin Construction on Wynwood Co-living Project
A $29 million construction loan will provide the financing
Miami-based real estate development companies The Related Group and W5 Group recently started construction on Quarters Wynwood, a co-living development in the Miami neighborhood. The property is located at 33 NW 28th St. and will feature shared living spaces and residents will rent bedrooms in shared apartments, allowing residents to obtain a home for a lower price point.
Chicago-based MP Real Estate Capital provided the financing and the building will be managed by Quarters, a Berlin-based co-living operator. Arquitectonica is the architect and The Rinaldi Group of Florida is the contractor of Quarters Wynwood, which will feature 63 multi-family apartments with 217 fully furnished co-living bedrooms. Featured amenities include a rooftop pool deck, fitness center and co-working spaces. The project will also feature over 3,800 square feet of ground-floor retail space.
After being primarily used as an industrial area, the last decade has seen the Wynwood area transform into a popular destination thanks to mixed-use development producing modern living spaces, street art, dining and retail shops.