Related, Block Capital sign deal with short-term rental operator
Short-term rental operator Domio is claiming its territory in Wynwood.
The firm signed a deal to take over the residential component of the Related Group and Block Capital Group’s 175-unit project, The Real Deal has learned. Domio signed a lease for the apartments at The Bradley, a mixed-use project under construction at 51 Northwest 26th Street.
Lenny Kravitz’s Kravitz Design is designing the amenity spaces and public areas. Arquitectonica is the architect.
Domio competed against companies such as Mint House, Sonder and Stay Alfred, said Gustavo Miculitzki of Block Capital.
The developers were approached by the short-term rental firms, said Gaston Miculitzki of BM2 Realty said. He brokered the off-market deal to bring Domio in.
Domio signed a 10-year lease with two five-year extension options.
Domio Wynwood will include 32,000 square feet of retail and restaurant space, a 233-space parking garage with bicycle storage, and a rooftop terrace with a pool, amenity deck, outdoor kitchen and dining area. The project will also have a fitness facility and health club.
The units will feature Italian kitchens and vanities, stainless steel appliances, washer and dryers, walk-in closets, keyless entry, custom wallpaper and artwork.
The developers expect to receive their temporary certificate of occupancy soon, likely turning the building over to Domio by the end of the year, said Gustavo Miculitzki.
He said the deal with Domio shows the direction the Wynwood market is headed. A number of apartment projects are planned or underway, as well as hotels, office and retail developments. But no hotel or short-term rental operator has yet opened a new development in Wynwood. A Moxy by Marriott, developed by DolphinBay Hospitality, is expected to break ground next year.
New York-based Domio entered the South Florida earlier this year when it signed a $1.45 million deal to lease 45 units at the beachfront Monte Carlo in Miami Beach. The company, led by CEO Jay Roberts, opened its first apartment-hotel in New Orleans earlier this year.
Jon Paul Perez, executive vice president of Related, said that Domio “adds another layer of flexibility” to modern rentals. This summer, Related opened Wynwood 25, the first new apartment development in Wynwood since the neighborhood was rezoned. Related partnered with East End Capital to build the 285-unit project, at 252 Northwest 25th Street.
Block Capital Group, owned by the Miculitzki family, has other real estate holdings in Wynwood. The company is also partnering with Kushner Companies on two mixed-use buildings on 1.5 acres at 127 Northwest 27th Street and 129 Northwest 26th Street. The land will be developed into a total of 152 rental apartments, 50,000 square feet of office space, 34,000 square feet of retail space and parking.
Correction: An earlier version of this story misstated the unit count at Domio Wynwood.Back to press