Mapping Investment and Development in Miami’s Wynwood

Wynwood’s high-stakes evolution is pulling in billions of dollars in real estate activity.

Developers and investors are pouring money into apartments, condos, offices, hotels, retail and mixed-use projects, expanding the arts district, which was once best known as an industrial corridor, into one of Miami’s most active development hubs.

Billionaire and Citadel founder and CEO Ken Griffin’s investments in the neighborhood this year illustrate that shift. His $181 million acquisition of Sterling Bay’s 545wyn with Goldman Properties was the largest CRE deal in Miami-Dade so far this year. He is also rumored to be purchasing Moishe Mana’s Mana Wynwood for $700 million to $1 billion.

Wynwood Plaza is another major draw for deep-pocketed investors, with billionaire investor Marcelo Claure as a partner. Jeff Bezos’ Amazon holds the neighborhood’s largest office lease there, occupying 75,500 square feet.

Wynwood’s development explosion dates back to 2015, when Miami created the Wynwood Neighborhood Revitalization District, overhauling zoning to help turn the neighborhood into a mixed-use district. The district opened the door to more residential, office, retail and hotel development, while allowing developers to gain additional building capacity by contributing to affordable housing, parks and other public benefits. The city and the Wynwood Business Improvement District have continued updating the zoning in recent years to make more development possible, including changes to parking, height, density and small-scale projects.

Here is a map of some of the recent developments, the project’s status, developers and owners retail leases and descriptions of each:

Mapbox map created by Adam Farence

Retail attracts global, diverse tenants while most landlords still local

Ten years ago, Wynwood’s retail leases mainly consisted of mom-and-pop tenants with boutiques and cafés.

Today, national chains like Chipotle, Starbucks, Sweetgreen and West Elm have opened up shop as well as global and out-of-state upscale restaurants like Niño Gordo from Argentina, London-based Sparrow Italia and New York City’s Pastis. Clothing stores that have opened include Pharrell Williams’ Billionaire Boys Club and San Francisco-based Dolls Kill, the women’s rave-wear brand that started out online-only before opening three brick-and-mortar locations in the U.S.

International workout apparel brand Gymshark and luxury wellness spa Sensa have inked some of the largest retail leases in Wynwood in the last few years at 20,000 square feet each.

A remodeling and repairs permit was issued in August at Gymshark’s upcoming location at 2050 North Miami Avenue. The British athleisure company signed a 10-year lease in July 2025 with the option for a five-year extension at the 19,700-square-foot property owned by an affiliate of Dan Loeb’s hedge fund Third Point and KAR Properties, led by Shahab S. Karmely. Records show the joint venture acquired the property in 2014 for $12.5 million.

Sensa also signed a 10-year lease for its location at 2830 Northwest Fifth Avenue. The 20,000-square-foot space houses a thermal bathhouse, medspa, health/longevity services and style bar. Sensa’s building is owned by Alex Kleyner and Diana Ulis who paid $10.3 million for it in 2022, records show.

New developments have pushed retail rents up to $100 a square foot on some blocks.

The 15,000-square-foot space for Casa Tua Cucina, which opened this year at Related Group’s newly developed NoMad Residences Wynwood, sold for $33 million, or $2,200 per square foot, this month to an LLC investor group led by Hernan Gleizer and Fernando Alpern of Sunny Isles Beach-based Optimar International Realty. The group owns the building’s other vacant 5,000-square-foot retail space and has it marketed for lease at $95 per square foot.

The mixed-use Wynwood Plaza signed H&H Bagels, Sanguich, Megaformer Studio, S-Paw, and Eternity Nail Salon, which collectively occupy 5,650 square feet of retail space along Northwest 29th Street

Residential and hotel projects take shape

Over a dozen apartment, condo or hotel projects are in the pipeline or have been recently completed in Wynwood, with the majority averaging eight to 12 stories and ranging from 140 to over 300 units. Most are short-term rental friendly, and several are associated with global brands like Cloud One, Diesel, Frida Kahlo and NoMad.

The Miculitzki family’s Block Capital Group bought into Diesel Wynwood in 2024, Bel Invest Group’s planned 159-unit branded condo project at 148 Northwest 28th Street, and will lead the development. Bel-Invest, led by CEO Maximilian Beltrame, remains a partner. Block Capital plans to relaunch the stalled project, marking its second relaunch since plans were first unveiled in 2019 and delayed due to the pandemic.

Among the properties in the pipeline are Rilea Group’s Mohawk at Wynwood apartments and The Rider Residences condo building.

The adjacent projects on Northeast 29th Street secured construction financing and have started construction. The $149.2 million financing package for Mohawk includes $124.2 million in C-PACE capital from Nuveen Green Capital and a $25 million senior loan from Abanca USA. Mexican bank Banco Inbursa provided $90 million in debt for The Rider.

The Rider’s ground-floor retail space of 1,700 square feet sold for $2.4 million, or $1,408 per square foot, in a deal that closed in February 2025. The buyer was not disclosed. The sale was the second-highest retail price per square foot in the area, following The Rider’s separate $1.19 million sale of a 702-square-foot space for $1,700 per square foot in November 2024. That space was purchased by Sunkan LLC, whose owner, Alejandro Kacheroff, owns luxury eyewear company OPTIUSA and the Michelin-recognized Italian restaurant Ossobuco in Wynwood.

The Rider’s sales accept one of the most Miami forms of payments: Bitcoin.

While other developments in the Magic City have accepted the cryptocurrency from buyers partnering with lenders, The Rider, which is being built in partnership with Cipres, is one of the first to accept wallet-to-wallet Bitcoin transactions in addition to teaming up with Miami-based lender Milo Group on crypto-backed mortgages. Miami-based Cervera Real Estate, led by Alicia Cervera Lamadrid, is handling sales.

“Accepting Bitcoin directly was not a marketing exercise,” said Diego Ojeda, president of Rilea Group and member of the Wynwood BID. “It removes a step for buyers who already hold their money that way, and Wynwood has more of those buyers than most Miami neighborhoods.”

Development

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