Nearly 10 months after acquiring a 2.27 acre assemblage in Wynwood’s south end, the Related Group is forging ahead with a new mixed-use project on the site.
The Miami Design Review Board on Wednesday approved the developer’s proposal for a pair of 12-story buildings at 2130 North Miami Avenue and 38 Northwest 22nd Street. The project, currently known as PRN N Miami, is planned to have 317 apartments, 22,700 square feet of retail, 60,400 square feet of offices and 534 parking spaces. It would be Related’s seventh commercial development in Miami’s trendiest neighborhood.
North Miami Avenue cuts through the land, necessitating two buildings to replace older single-story buildings Related plans to demolish over the summer.
Related purchased the assemblage from Diamedix Corp., a medical diagnostics company, in May for $18.5 million. The site was previously home to a medical manufacturing facility, with five buildings totalling 51,205 square feet.
PRN N Miami, which will have a total of 860,880 square feet, would rise near Wynwood Square, another mixed-use project with apartments, office and retail space being developed by CIM Group and One Real Estate Development.
Related has already partnered with other developers to build five projects in Wynwood. Last year, the company and East End Capital completed the apartment building Wynwood 25 and the adjacent Wynwood Annex office building. Related has also teamed up with Metro 1 to build an apartment/commercial project Wynwood 29; with W5 Group to build a co-living project; and Alex Karakhanian and Tricera Capital to build The Dorsey, an apartment, office and commercial building.
In January, Bank OZK provided an $87.5 million construction loan for The Dorsey, which will include 306 apartments, including micro-units as small as 400 square feet.
Related also co-developed The Bradley Wynwood with Block Capital Group. Last month, the developer sold the 175-unit building to San Francisco-based investment firm Iconiq for $77 million. The property was previously leased to short-term rental operator Domio, which shut down last year.