Whale & Star Seeks to Transform Miami Property Into Mixed-Use Hospitality Development
The project would include 214 hotel rooms and 87 multifamily units.
Whale & Star Wynwood LLC is looking to transform a commercial property into a mixed-use hospitality development in Miami, Florida, according to a report from the Commercial Observer.
The developer, which originally paid $24 million for the property, has now proposed to transform the building located at 2215 NW First Place into 214 hotel rooms and 87 multifamily units, plus 11,350 square feet worth of commercial space.
The hotel rooms will be located on the second and fifth floors, while the residential units will be on the top floors. The rentals will range from 406 to 1,420 square feet and hotels span from 220 to 440 SF.
Right now, Florida is seeing some positive multifamily activity. Demand in The Sunshine State has improved by nearly 700 percent over the past year for apartments, according to a RealPage analysis. That’s contrary to the rest of the multifamily sector, which has been seeing issues with high supply.
The proposal for the mixed-use transformation was set to be reviewed by the Wynwood Design Review Committee on Tuesday, September 10.
The move by Whale follows PMG and Greybrook, which both secured $178 million to refinance a 10-story mixed-use building in Miami. The property is also located in Wynwood.