MIAMI, Jan. 31, 2020 /PRNewswire-PRWeb/ -- W5 Group, Ralph Winter's family office, is pleased to announce that it has entered into a partnership with respected real estate conglomerate The Related Group to introduce an exciting new development to Miami's burgeoning Wynwood neighborhood. W5 Group will be the lead equity source on this mixed-use new construction project, committing 80 percent of the required capital.
Located at 33-51 NW 28th St. in the Wynwood Arts District, the innovative mixed-use development will comprise a total of 200 fully furnished co-living units, which will be managed by leading co-living provider QUARTERS, as well as 3,600 square feet of ground-floor retail. Upon completion, all building residents will enjoy access to complimentary co-working space, attractive common areas, a state-of-the-art fitness center, a rooftop pool and ample landscaped outdoor space. There will also be curated weekly events that foster human connectivity and shared experiences.
Wynwood has attracted significant attention in recent years, being named by TripAdvisor as the "hippest neighborhood in America" in 2018. Its transformation from an industrial district to a globally recognized hub for arts, innovation and culture has been driven in large part by forward-thinking real estate development. The area is now home to a diverse array of retailers, galleries and restaurants, which collectively boast world-class designers, artists, chefs and mixologists. Wynwood also features the largest outdoor street art museum in the United States, which will be complemented by the addition of a colorful mural at the 33-51 NW 28th St project. Accordingly, W5 Group and Related have been collaborating closely with award-winning South Florida architectural firm Arquitectonica to conceptualize a fresh design that celebrates and embraces the Wynwood area's distinct character.
"As a Miami resident myself, I have witnessed Wynwood's ascent with some interest," said Ralph Winter, principal of W5 Group. "However, as neighborhoods become more desirable, young people are often priced out. Co-living is an exciting proposition that offers tremendous value, enabling them to experience modern living in highly attractive units – all while meeting like-minded individuals and forming rewarding new bonds in coveted metropolitan areas."
"Wynwood is a truly unique and special urban environment," said The Related Group executive vice president Jon Paul Perez, who also serves on the board of Wynwood's Business Improvement District (BID). "This collaboration with W5 Group is consistent with our commitment to ensuring that every new project in Wynwood, regardless of size and scale, enhances the neighborhood's livability without compromising its rich culture."
This deal marks the first between W5 Group, the single-family investment office of preeminent European real estate investor Ralph Winter, and Related, one of the nation's preeminent development firms. Winter added: "We are focused on working with best-in-class development partners that share our commitment to advancing innovative living projects, and Related Group represents a natural fit. Our respective experiences and priorities are highly congruent, and we are confident that this Wynwood development will mark the first in a series of exciting collaborations."
W5 Group has a strong track record of investing in innovative living real estate concepts that emphasize core tenets of value, community, flexibility, design and technology. Just last year, the firm committed $300 million of equity to expand co-living provider QUARTERS' presence in gateway cities across the United States. This was followed later in the year by the acquisition of a majority interest in the Highline at Union Market, a pioneering mixed-use building in one of Washington, D.C.'s fastest-growing neighborhoods.
"Much like D.C.'s Union Market, Wynwood has evolved from an industrial submarket to a vibrant hotbed of activity," noted Winter. "It increasingly represents an attractive live-work-play environment for young professionals and creatives, and we're looking forward to our newest development becoming part of the fabric of the neighborhood."
Wynwood has been an area of interest for Related over the past few years, where recent completed projects include the highly successful Wynwood 25 and accompanying office property, Wynwood Annex; and Domio Wynwood, a forward-thinking apartment-hotel concept.
About W5 Group LLC
Established in 2009, W5 Group is the single-family office of prominent European real estate investor and entrepreneur Ralph Winter, with investment teams in Europe and the United States. Ralph Winter has been a leading investor cross the residential spectrum amassing large scale portfolios of multifamily, student housing, micro-units and co-living apartments. W5 Group seeks long-term value creation, and invests across asset classes and capital structures with a focus on innovative real estate opportunities. Learn more about W5 Group at http://www.w5-group.com.
About Related Group
Established in 1979, The Related Group is Florida's leading developer of sophisticated metropolitan living and one of the country's largest real estate conglomerates. Since its inception, the privately held company has built, rehabilitated and managed over 100,000 condominium, rental and commercial units. The firm is one of the largest Hispanic-owned businesses in the United States with a development portfolio in excess of $40 billion in 40 years.
The Related Group has earned international status for its visionary designs and development of luxury condominiums, market-rate rentals, mixed-use centers and affordable properties – often in emerging neighborhoods that impact the lives of all demographics. The Related Group has redefined real estate by diversifying both its products and buyers, expanding internationally while also sponsoring public art installations that enhance cities' global culture and streetscapes.
TIME Magazine named Founder, Chairman and CEO of The Related Group, Jorge Pérez, one of top 25 most influential Hispanics in the United States. Currently, The Related Group has over 70 projects in varying phases of development.
About QUARTERS
With more than 3,000+ beds committed across the U.S. and Europe, QUARTERS is a global co-living brand that offers a new and unique living experience for young professionals. The QUARTERS lifestyle is built on convenience and flexibility and is driven by the understanding that the value of home is created by shared experiences. Learn more at http://www.Quarters.com
SOURCE W5 Group
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