South Florida Business Journal
Rilea Group buys Wynwood development site for $22M with help from crowdfunding
By Brian Bandell – Senior Reporter, SFBJ
Designed by Javier Barrera of Deforma Studio Inc.
Rilea Group acquired a development site in Miami’s Wywnood Arts District for $22 million, with the majority of that money raised through crowdfunding.
The 1.5-acre site at 50 N.E. 29th St. was purchased from 29th Street Warehouses LLC, managed by Lombardi Properties, led by David Lombardi. The buyer was represented by Alfredo Riascos and Yonatan Missika of Gridline Properties.
The seller said he’d been approached by many different developers over the years, but wasn’t comfortable with selling until he met the Ojeda family, which runs Miami-based Rilea Group. The site currently has a warehouse, which would be demolished. It last traded for $660,000 in 2002, so the seller benefiting from the huge increase in property values as Wynwood became a popular entertainment, art, dining and residential neighborhood.
Rilea Group plans to develop the site with Mohawk at Wynwood, a 12-story building with 225 apartments, 22,000 square feet of ground-floor retail, and 3,500 square feet of offices. Amenities would include a gym with Peloton bikes, a private park, a dog park, a children's playroom, a rooftop pool and bar, and a lounge.
“Mohawk at Wynwood was created to meet the demand of this new wave of Miami residents, and was entirely conceptualized based on the needs of consumers living in a post-Covid-19 world,” Rilea Group President Diego Ojeda said. “With the incorporation of unique amenities that cater to those needs and an exquisitely designed space, Mohawk will provide residents with a turnkey home in this new age.”
Rilea Group worked with RealtyMogul to tap crowdfunding for this project. It raised $12.5 million from investors, surpassing its initial goal of $10 million.
“The Mohawk project had an incredibly strong reception with our investor base,” said Jilliene Helman, founder and CEO of Los Angeles-based RealtyMogul. “In fact, we twice increased the amount of capital to be raised on the platform, as investors had been attracted to Mohawk based on the strength of sponsorship, the growth and strength of the Miami market, and the potential returns based off an investor-friendly waterfall.”
Mohawk at Wynwood was designed by Javier Barrera of Deforma Studio.
The developer hopes to break ground on the project in 2023.