By Brian Bandell
RedSky Capital obtained an $18.72 million construction loan to begin work on an office building in Miami’s Wynwood neighborhood, and also announced its first tenant.
Cube Wynwd, at 222 N.W. 24th St., will be one of the first modern Class A office buildings in Wynwood, which is best known for street art, dining and shopping. This is one of four developments there with office space, and the third to start construction.
Bank of the Ozarks (Nasdaq: OZRK) awarded the mortgage to Cube Wynwood SPE, an affiliate of Brooklyn, New York-based RedSky Capital. The 12-story building will have 76,356 square feet of office space and 11,155 square feet of ground-floor retail.
Blanca Commercial Real Estate, the building’s leasing broker, announced that creative shared workspaces firm Spaces has signed a 23,638-square-foot lease at Cube Wynwd, making the building 27 percent occupied. The tenant was represented by JLL’s Randy Carballo and Gavin MacPhail, while Blanca CRE’s Tera Blanca and Danet Linares represented RedSky.
“What we are seeing is a growing number of tenants are opting for creative spaces that offer a range of entertainment and lifestyle options, in addition to traditional work environments, in order to help attract and retain today’s top talent,” Blanca said. “Cube Wynwd offers a central location connected to numerous retail, dining, entertainment and residential offerings, as well as on- site amenities.”
Tenants will use 89 parking spaces at a nearby site owned by RedSky, and will also have valet service. The building will have a rooftop terrace and Wi-Fi in the common areas.
It was designed by Arquitectonica and should be delivered in fall 2018.
The project is near Panther Coffee. Office developers in Wynwood are counting on tenants to be attracted by all of the neighborhood’s restaurants and cultural facilities.