The Collective acquired property in Miami’s Wynwood neighborhood for development of a co-living apartment building with art-oriented programming.
The London-based company said in a press release it will invest in the $210 million Wynwood project in partnership with Tony Cho, founder of commercial brokerage Metro 1.
Founded in 2010, The Collective has more than 8,000 co-living units in operation or under development and has raised more than $800 million to fund its expansion across the United States, the United Kingdom and continental Europe.
The Wynwood development at 2825 Northwest Second Avenue will range in height from eight to 12 stories. The Collective, which did not disclose a planned number of residential units, said the building would include a street-level gallery, restaurant and pop-up retail space.
“The programming will be focused on arts and maker culture, providing a home for rising talent in the neighborhood, and the creative’s lifestyle,” the company said.
In addition to its development site in Miami, The Collective has three development sites in New York City and recently got permits to build a 170,000-square-foot co-living project on a site in the Chicago Loop.
The company’s largest co-living building will open next month with 705 members at Canary Wharf in London. – Mike Seemuth