Rilea Buys Wynwood Site for Short-Term Condo Development
By Julia Echikson June 28, 2024 1:09 pm
reprints
Three months after launching sales for a condo project in Wynwood, Rilea Group purchased the land to build it and bought out its partner.
The Miami-based developer paid $21 million for a 0.7-acre site at 94 NE 29th Street, which faces a Brightline train track, just north of the Midtown district, according to property records. The site — which is on the same block as another Rilea project — holds a two-story, 6,470-square-foot building that was built in 1925.
Altamar Financial Group, a Madrid-based lender, provided a one-year, $11.5 million acquisition loan.
The seller, Michigan-based Promanas, had purchased the site for $12.2 million in 2021, alongside Rilea. Rilea had initially partnered with Promanas in developing the property.
In March, Rilea launched sales for The Rider, a 12-story development with 146 units, which will come furnished and range in size between 511 and 1,612 square feet. Owners will have the option to rent out their condos on a short-term basis. Asking prices range from the $600,000s to upwards of $1.8 million.
Construction is scheduled to begin later this year, with delivery slated in late 2026.
Rilea, led by Diego Ojeda, is best known for developing the 1450 Brickell office tower and The Bond on Brickell condo building. Rilea’s second Wynwood project, a rental building with 255 units that’s called Mohawk at Wynwood, has yet to break ground.
Representatives for Rilea confirmed the sale but declined to provide comment on the buyout and The Rider’s sale figures. A spokesperson for Promanas did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
