Wynwood takes off and emerges in Miami as a desirable residential neighborhood. Even with high American interest rates, the local Wynwood real estate market is booming with luxury condos priced in excess of $20,000 per square foot. The area, once known as a warehouse district in Downtown Miami, takes the “trailer” of its neighbors Brickell, Downtown and Edgewater, making it a great option for anyone looking to buy an apartment in Miami.
Two launches deserve to be highlighted in the region. The most recent is The Related Group’s Nomad Residences Wynwood. Nomad offers residences that allow flexible rental (no period restrictions) to meet the huge demand for projects aimed at short-term rentals.
The Nomad arrived shortly after the second major development in the region. This time a Branded Condo: Diesel Residences, developed by Bel Invest Group.
By way of comparison, the Brickell neighborhood, now the most desired by investors in downtown Miami, offers an average price per square foot (considering all properties) of US$ 689. Both Wynwood projects deviate from the average price. for the neighborhood and are considered luxury developments for the region. Even so, no one would have imagined in the recent past that the old warehouse district could one day offer residential developments of this level.
Diesel Residences – Branded Launch in Wynwood (illustrative rendering)
Local and international investors see the new Nomad and Diesel developments as an indicator of the neighborhood’s transformation, which accelerates its growth and offers high potential for appreciation.
Not so long ago, Downtown and Brickell underwent similar transformations. Downtown was a run-down neighborhood, with people living on the street, and oriented toward office buildings. Today it is one of the areas that receives the most investment in Miami, with emphasis on the delivery of one of the largest mixed-use complexes in the world: The Miami World Center.
Brickell, in turn, was Miami’s financial district. Large banks, financial institutions and companies from the most varied sectors chose the region to host their operations. About 10 years ago, Brickell also started to receive residential developments and today it is one of the most expensive square meters in Miami.
Wynwood, in this setting, follows the trend of its surroundings.
The transformation that the neighborhood undergoes recalls the history of traditional New York regions, such as SoHo and the Meatpacking District. Both were areas that housed abandoned warehouses and factories, which, in the 80’s and 90’s, started to be occupied by artists and, with that, became vibrant and tourist districts. Life returned to the region, which began to attract the eyes of investors and construction companies.
Wynwood repeats history! Its sheds were also occupied by artists. Wynwood’s famous graffiti and street art have made the area an open-air museum. It is there that you will find the famous “The Wynwood Walls”, where renowned artists, such as the Brazilian Cobra, also exhibit their panels.
In the last three years, the Wynwood neighborhood has been sought after by companies. Auditing and consulting giant PWC and venture capital firm Founders Fund are some of the names that have decided to open an office in the neighborhood.
However, Wynwwod is still lacking in residential units. There are just over 1,600 units. The neighboring neighborhood, Edgewater, now offers more than 13,000.
Such a discrepancy in nearby regions shows the high potential for appreciation of the neighborhood and represents an excellent opportunity for investors.
About Nomad Residences Wynwood
The NoMad development, a joint venture with Sydell Group and Tricap, will span nine floors, featuring 329 condos, half of which are reserved, with prices starting at $500,000. The project, at 2700 NW 2nd Avenue, is the first condo branded by The NoMad Hotel, a modern 2010s New York establishment that closed during the pandemic.
Nomad Residences is an iconic blend of high design and creative energy in Miami’s vibrant Wynwood neighborhood.
The condo will allow owners to rent by the season, with no period restrictions.
There will be nine floors with 329 residences. Contact us to learn more.
About Diesel Residences
The Diesel project is also the Italian fashion brand’s first foray into the real estate market. Located at 148 NW 28th Street, the development will have 159 units and will also allow the practice of short term rental.
About AMG International Realty
AMG International Realty is a global real estate company specialized in Florida and focused on the Brazilian public. If you want to know more about investment opportunities in Wynwood or any other neighborhood in Miami, contact me right now and chat with me on WhatsApp: + 1 305 318 6968 (Heloisa Arazi).