US: The Related Group and W5 Group are building a mixed-use project in Miami’s Wynwood arts district.
W5 Group is the lead equity partner, committing 80 per cent of the required capital to build a mixed-use project at 33, 45, and 51 Northwest 28th Street that will feature 200 fully furnished Quarters-branded co-living units and 3,600 square feet of ground floor retail.
The project, called w28 and designed by Arquitectonica, will also have complimentary co-working space, common areas, a state-of-the-art fitness centre, a rooftop pool and landscaped outdoor space.
Ralph Winter of W5 Group said: “As neighbourhoods 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.”
Last year, W5 Group invested $300 million of equity to expand co-living provider Quarters’ presence in gateway cities across the US.
“Wynwood is a truly unique and special urban environment,” said The Related Group executive vice president Jon Paul Perez. “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 neighbourhood’s liveability without compromising its rich culture.”
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