Wynwood keeps on changing! What’s next?

Wynwood is about to become the home to new offices, built by developers who want to capitalize on the neighborhood that was recently named one of the hippest in America by TripAdvisor. The hope is that the new office spaces — with amenities such as 12-foot ceiling heights, open floor plans, artsy facades and proximity to Panther Coffee and The Salty Donut — will attract more of the young creatives and professionals who already work at the 400+ businesses located within the 50-block district.

New office spaces would boost Wynwood’s daytime population and attract potential tenants to the three apartment rental projects under construction in the neighborhood.

“Wynwood now is like Williamsburg was in the early days, when it was beginning its transition to residential use,” said Jonathan Miller, president of the New York-based real estate consulting firm Miller Samuel Inc., referring to a now-hot corner of Brooklyn.

“When you see all this office space coming in, that’s the first step in the balanced development of a new market,” Miller said. “It’s driving a stake in the ground for future residential development because of residential and office feed off each other.”

Four projects currently under construction, when finished, will add nearly 400,000 square feet of offices to the neighborhood:

• The Wynwood Garage, at 321 NW 26th St., will be an eight-story structure that will add the first 428 public, 24-hour parking spaces to Wynwood. The eighth floor will bring 30,000 square feet of offices and the ground floor will feature 20,500 square feet of retail. Construction is due to be completed in October. The developer is Goldman Properties, whose founder Tony Goldman was one of the pioneers of Wynwood’s rebirth.
• Cube Wynwd, at 222 NW 24th St., will offer 77,242 square feet of offices and 11,500 square feet of ground-floor retail and restaurant space. The eight-story project, developed by RedSky Capital, is scheduled to be completed by the end of 2018. The shared-office company Spaces, a competitor to WeWork, has already pre-leased 27 percent of the building.
• Wynwood Annex, a joint venture between The Related Group and East End Capital, will add 60,000 square feet of offices and 5,000 square feet of retail space on eight floors. The building is scheduled to be completed in mid-2019. The two developers are also partnering on the adjacent Wynwood 25, a 289-unit apartment building that will feature micro-units and is expected to be finished around the same time.
• The Gateway at Wynwood, currently under construction at 2916 N. Miami Ave., will add another 200,000 square feet of offices and 25,940 square feet of retail space. The New York-based developer R&B Realty projects a late-2019 delivery date for the 12-story building.

The new office spaces could also attract higher-end tenants that are not a good fit for the former warehouses that currently house many restaurants and businesses in Wynwood, such as the camera maker GoPro and the media company Scripps Network.

Yet to be determined: The rents the new offices will be asking. According to the 2018 second quarter office research report by Marcus & Millichap, the square-foot rate for high-end offices in nearby Brickell is at $44.30, a 2.6 percent spike year-over-year.

 

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via Beyond Realty Group