Miami developer Related Group, working in partnership with New York City-based capital investor W5 Group, opened pre-leasing last month at i5 Wynwood, a co-living property in Miami’s Wynwood neighborhood.
The building is Wynwood’s first-ever co-living development, according to Related Group, and is expected to open in January 2024. In this housing model, groups of residents live in apartment suites with private bedrooms and bathrooms and shared common areas.
Co-living units are popular in urban areas, particularly those with high costs of living such as Wynwood, where a one-bedroom apartment rents for $2,910 on average, according to Zumper. Related is aiming to attract young professionals, artists and others willing to give up individualized living in exchange for less rent.
The property will offer 217 individual private rooms, arranged into 63 apartments in three-bed/three-bath and four-bed/four-bath configurations. Each resident will have a private bedroom and bathroom, plus a living room, dining room and kitchen shared within an apartment. Rents range from $1,895 to $2,045 per bedroom, according to the company.
Miami-based architect Arquitectonica is responsible for the exterior design — a geometric, shifting facade divided into three sections of contrasting paneling. Murals by artist Jing Wei cover the east, south and west sides of the building. The interiors, designed by Miami-based Michael Wolk, offer a colorful take on mid-century modern style, mixing bold colors with clean lines, according to a press release.
Each private suite is fully furnished and includes a queen-size bed with built-in storage, a writing desk and a wardrobe, secured by smart locks. Each common area includes a full-size washer and dryer, a kitchen with quartz countertops and full-size appliances and a living area with a sofa, coffee table, dining table and 55-inch TV.
“We conceived of and helped design these highly efficient units based on our experience with micro-units, student living, multifamily and co-living projects in other similar dynamic urban environments,” said Raphael Sidelsky, chief investment officer at W5 Group.
Amenities shared between all residents include an entertainment center, a game room, a rooftop pool, coworking spaces, an indoor-outdoor fitness center and a central courtyard. The property will also have 3,800 square feet of ground floor retail.
The Wynwood neighborhood, also known as the Wynwood Arts District, has become an active location for new luxury multifamily development over the past several years.
In March, New York City–based developers L&L Holding Company and Oak Row Equities broke ground on The Wynwood Plaza, a 1-million-square-foot mixed-use development with 509 residential units, a 12-story office tower, and 32,000 square feet of retail and restaurant space expected at full buildout in 2025. In late July, Fisher Brothers, also based in New York City, broke ground on Wynhouse Miami, a 308-unit property set to open in January 2025.
Related Group already has a large presence in the Wynwood neighborhood. Active properties include The Dorsey, Wynwood 25 and The Bradley, plus condos for sale at NoMad Residences Wynwood.
