L&L Holding Company and Oak Row Equities today announced they have closed on $215 million in construction financing for The Wynwood Plaza, a one-million-square-foot campus that will bring class-AAA office, residential, retail and outdoor space to 95 NW 29th Street in Miami’s famed Wynwood Arts District.
L&L Holding, Oak Row Equities, alongside project partner Shorenstein Properties LLC (“Shorenstein”) and co-investor Claure Group, secured the loan from Bank OZK. With full project financing now in place, major construction will commence immediately with full completion anticipated in 2025.
In addition to securing the financing, L&L Holding and Oak Row Equities announced that they have pre-leased two full floors at The Wynwood Plaza’s 12-story contemporary Class AAA office tower. Prominent investment firm Claure Group, led by Marcelo Claure, will establish its headquarters in 25,400 square feet across the entire eighth floor. Weitz & Luxenberg, an acclaimed nationwide law firm, will open its first Miami office in 18,000 square feet across the second floor. The second floor will also house the amenity space exclusive to office tenants.
Designed by world-renowned architecture firm Gensler, which is also serving as architect of record, The Wynwood Plaza will incorporate a residential building featuring luxury rental apartments, an array of indoor and outdoor dining and shopping options, as well as a highly-amenitized office tower totaling approximately 266,000 square feet. Inviting outdoor spaces will be designed by James Corner Field Operations, the landscape architecture and urban design practice behind New York City’s High Line and Miami’s The Underline. The project’s most distinctive characteristic will be a beautifully landscaped 26,000-square-foot outdoor public plaza– the only one of its size in the Wynwood neighborhood and one of the largest in Miami.
“The Wynwood Plaza has been designed and programmed to produce a dynamic fusion of high-end apartments, creative offices, galleries, boutiques and artisanal restaurants, all wrapped around a lush paseo, which will both complement and enrich the entire Wynwood Arts District,” said L&L Holding Company Chairman & Chief Executive Officer David Levinson and President & Chief Investment Officer Robert Lapidus. “We are grateful to our partner Shorenstein and Bank OZK, as well as to our tenants, for embracing our collective vision of The Wynwood Plaza as a nexus of culture, community, creativity and nature.”
“In every submarket Oak Row Equities develops in, we strive to deliver not only best in class product, but also the most transformative projects in each individual submarket. Wynwood Plaza is no exception,” said Erik Rutter and David Weitz, Managing Partners of Oak Row Equities. “We are thrilled to have Shorenstein and Bank OZK as our partners to bring the largest mixed-use development in Wynwood to life.”
“With a fast-growing population and a business-friendly environment that continues to drive a significant number of corporate expansions and relocations by prominent technology, financial and professional services companies, Florida, and the Miami metro region in particular, is an attractive market for long-term investment,” said Matt Knisely, Managing Director at Shorenstein Properties. “We are excited to partner with L&L and Oak Row to build on our successful track record in the region by delivering a market-leading mixed-use project that will provide an innovative space for tenants and the vibrant Wynwood community alike for years to come.”
“The Wynwood Plaza brings together the best of all worlds to create the ideal environment for collaboration and productivity,” said Claure Group Founder and CEO Marcelo Claure. “The sustainable and tech-focused design offers the perfect setting for businesses to innovate, grow and attract top talent. The artistry and authenticity of the campus will also be a magnet for residents and retailers who want to be part of Miami’s most vibrant neighborhood.”
The Wynwood Plaza’s office component has been intentionally designed with innovative floor plates and an expansive suite of amenities to cultivate the ideal environment for today’s innovative workforce. The building will incorporate private terraces on each floor and 14-foot windows to allow natural light to fill the workspaces. A dedicated amenity hub will include a fitness club, a cafe and bar lounge, and conference and collaboration spaces, while an expansive rooftop will feature lush landscaping and private seating areas. The office tower will have a stylish 25-foot-tall grand lobby at street level, and tenants will also benefit from best-in-class air filtration, touchless entry and elevator systems.
The Residences at The Wynwood Plaza will include 509 luxury rental apartments with floor-to-ceiling windows, state-of-the-art appliances, exceptional finishes and flexible layouts. Residents will have access to a best-in-market amenity package that includes four activated rooftops with a sports court, two outdoor pools with showers, a sauna, hot tub and cold plunge pool. In the resident-only glass atrium, co-working spaces and private phone rooms will provide a quiet place to work from home, with a neighboring game lounge for when it is time to take a break. A modern fitness center will feature the latest equipment, as well as dedicated areas for yoga and other classes.
With an eclectic mix of lifestyle boutiques, micro-curated storefronts, convenience locations, restaurants and fast casual spots, The Wynwood Plaza’s retail will become a neighborhood destination. The project will include a total of 32,000 square feet of retail, including 6,600 square feet of outdoor dining. The airy, stylish spaces will feature full glass storefronts with the opportunity for impactful exterior signage. Situated on a main pedestrian thoroughfare, the shops will benefit from ample foot traffic comprised of on-site office tenants and residents, as well as those who live in and visit the popular neighborhood.
The project’s 26,000-square-foot outdoor public plaza will feature a pedestrian paseo with direct connections to Northwest 29th Street, Northwest 30th Street and Northwest 1st Avenue. The paseo will be landscaped with large palm trees, plants and flowers and form a central pedestrian thoroughfare.
To showcase and elevate the creativity of the surrounding community, L&L Holding and Oak Row will collaborate with local artists to include curated works and installations throughout The Wynwood Plaza for residents and the community to enjoy.
Dustin Stolly and Jordan Roeschlaub of Newmark represented L&L Holding and Oak Row Equities in capitalizing the project, while Scott Wadler and Michael Basinski of Berkadia arranged the Bank OZK financing.
About L&L Holding Company
L&L Holding Company is a privately held, vertically-integrated real estate company founded in 2000 by David Levinson and Robert Lapidus that has acquired or developed over 10 million square feet of prime commercial and residential space in New York and Florida. The company’s current portfolio includes such current and future icons as 425 Park Avenue, 390 Madison Avenue, Terminal Warehouse, TSX Broadway, The Wynwood Plaza, and Central Gardens Grand. For more information, visit www.ll-holding.com
About Oak Row Equities
Oak Row Equities is a vertically integrated real estate private equity and development company. Founded in 2018 by Erik Rutter and David Weitz with offices in New York City and Miami, Oak Row Equities has expertise in acquisitions, development, architecture, construction, asset management, leasing, and accounting.
Since its inception, Oak Row Equities has acquired more than one billion dollars of assets and is under development on more than three million square feet of class-AAA real estate, including over 1,600 luxury multifamily units and approximately 500,000 sf of office.
About Shorenstein Properties LLC
Founded in 1960, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored thirteen closed-end investment funds with total equity commitments of $9.5 billion, of which Shorenstein committed $798.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. More information is available at www.shorenstein.com.
About Claure Group
Claure Group is a multi-billion-dollar global investment firm founded by Marcelo Claure, a global entrepreneur, with a portfolio that spans multiple high growth sectors including tech, telecom, media, real estate, sports and others.
About Bank OZK
Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. During the five years ended September 30, 2022, RESG originated approximately $39.33 billion in new loans. For more information, visit www.ozk.com