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Another co-living apartment building is coming to the booming Wynwood district.
Developer Property Markets Group (PMG) and the Toronto-based Greybrook Realty Partners investment firm paid $46 million for a 1.6 acre parcel of land at 2431 NW Second Avenue in Miami. The sale closed Tuesday. Avison Young’s Florida Capital Markets Group negotiated the sale.
The site will be the location of an eight-story mixed-use building. The project will feature hotel and retail spaces as well as 220 rental apartments. Roughly 30 percent of those will be co-living units that allow tenants to rent by bedroom and share large common areas.
PMG and Greybrook broke ground on another co-living tower, to be located at 400 Biscayne Boulevard, in June. The two companies plan to build more than 25,000 units around the U.S. over the next five years.
“Wynwood is one of the most walkable and vibrant areas in Miami,” said Ryan Shear, a managing partner at PMG. “It is the perfect location for our latest project as we continue expanding throughout South Florida and beyond.”
PMG currently operates X Miami, a hotel/apartment tower at 230 NE Fourth St. that features 80 co-living units. Another PMG project, the 41-story, 651-unit X Las Olas in Fort Lauderdale, is scheduled for completion in 2020.
The company plans to rebrand its co-living buildings to attract a wider age range of tenants.
Also in June, the London-based developer The Collective announced it will build a 325,000-square-foot, $210 million mixed-use project at 2825 NW Second Ave. in Wynwood that will rise 8 to 12 stories and include co-living spaces, restaurants and art studios.
That building will be just four blocks north of the PMG project.
Developers are betting big that Wynwood’s hip cachet will lead people to want to live there. The Lennar Corp. paid $17 million for a 1.26 acre lot on Northwest 29th Street that formerly housed O Cinema Wynwood and the Wynwood Yard. The Miami-based developer plans to build a 189-unit apartment building there.
The Related Group currently has two apartment buildings in Wynwood: the 285 micro-unit Wynwood 25 at 240 NW 25th St., which is open, and The Bradley, a 175-unit building at 51 NW 26th St.