Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of US$32,075,000 to acquire and oversee the development of a prime parcel of land in Miami, Florida. Together with its developer partner, PMG, the firm intends to develop the land into a mixed-use multi-family residential building consisting of over 220 rental units and more than 35,000 square feet of retail.
The site is located along NW 2nd Avenue and NW 25th Street, in the heart of Miami’s trendy Wynwood neighbourhood. A former industrial warehouse district situated north of Downtown Miami and near the Central Business District and Miami Beach, Wynwood has undergone significant transformation in recent years. Home to one of the largest international open-air street art installations, Wynwood has established itself as a premiere destination for arts, culture and innovation through its thriving art scene, dynamic retail and dining options, and growing hub of start-up and creative businesses.
The Wynwood project is the latest addition to Greybrook’s growing portfolio of social living and co-living multi-family rental developments in the U.S. with PMG as developer partner. Once completed, the project is expected to add to the neighbourhood a thoughtfully designed eight-storey residence featuring rental units ranging from unfurnished private residences to furnished “rent-by-bedroom” co-living suites. The project is also expected to feature an extensive amenity package, including a rooftop restaurant and outdoor space, and street level retail. As part of Greybrook and PMG’s social living platform, a key component of the resident experience will be the ongoing event programming and seamless technology that enables residents to manage all aspects of life at home.
“We believe the development’s social living and co-living offering is a solution to the housing affordability challenges faced by a growing demographic of renters across many large U.S. urban centres like Miami,” said Peter Politis, CEO of Greybrook Realty Partners. “Faced with rising housing costs, flat wage growth and changing lifestyle preferences, our turnkey rental options coupled with premium lifestyle amenities and curated programming deliver an attractive value proposition to residents and a strong investment opportunity for our investors.”
“We have a longstanding partnership with Greybrook Realty Partners, and are looking forward to bringing our first Wynwood project to market together,” said Ryan Shear, Managing Partner of PMG. “Wynwood is one of the most walkable and vibrant areas in Miami, and is primed for new development. It is the perfect location for our latest project as we expand throughout South Florida and beyond.”
The development will be Greybrook’s third investment in PMG’s social living platform and follows the Las Olas development in Fort Lauderdale and the 400 Biscayne development in Downtown Miami, both currently under construction.
Read the full review on the Globe Newswire site.
On Friday, November 14, the City of Cambridge officially unveiled the newly renovated Preston Memorial Auditorium, marking an exciting completion of a transformative $33 million project that modernizes the beloved community facility while honouring its 1972 heritage. The revitalized facility features a…
How is global uncertainty shaping confidence, supply, and the future of Canada’s housing market, and what lies ahead? What bold government actions are needed to unlock housing supply and help stabilize the market? These are just some of the key…
Toronto, ON — Greybrook is proud to announce its official sponsorship of the York University Lions Men’s Hockey Team at the Gold level, marking a historic milestone as the first-ever lead sponsor of the Men’s Hockey Program. This sponsorship reflects…
138 Yorkville, our ultra-luxury development in partnership with Cityzen and First Capital, recently hosted internationally acclaimed designer Gaurav Gupta for an exclusive showcase at our presentation gallery. Gaurav, celebrated for his sculptural silhouettes and red-carpet couture, presented a curated selection…
Sales have launched at Chateau 9, an exclusive new low-rise community featuring contemporary single-detached homes and townhomes in one of Stouffville’s most sought-after neighborhoods. Developed in partnership with Treasure Hill, Chateau 9 combines modern architectural design with small-town charm. Located…
Bringing together in-depth macroeconomic insights from Benjamin Tal, Deputy Chief Economist at CIBC, with a dynamic fireside discussion featuring Greybrook CEOs Sasha Cucuz and Peter Politis alongside Tyler Meredith (Founding Partner, Meredith Boessenkool & Phillips Policy Advisors), Justin Sherwood (SVP,…
The federal government recently launched Build Canada Homes, a new agency with an ambitious mandate: to rapidly scale up housing construction across the country, aiming to help double the national housing supply and improve affordability as part of Canada’s broader…
With interest rates elevated, higher costs, and policy hurdles mounting, Greybrook CEO Peter Politis joined The Your Life! Your Terms! Show on the “How Billion Dollar Developers See Canadian Real Estate In 5 Years” episode to discuss what these shifts…
The 6th Annual Velo Blu charity ride returned to Peller Estates Winery in Niagara-on-the-Lake on September 19th, once again demonstrating the power of community commitment to life-changing medical research. This year’s inspiring event raised $360,000, bringing Velo Blu’s cumulative contribution…
On September 17th, Greybrook proudly celebrated the grand opening of our new Vancouver office with a special lunch event at Seasons in the Park restaurant. The occasion was a great success and a celebration of Greybrook’s established presence in the Vancouver area.…
