Wynwood's Pipeline as Carnegie Mellon Arrives: Condos and Apartments Moving, Offices at 30.6% Availability
A $33 million retail condo sale, a 1,300-apartment plan and 233 new condos were all in motion before the CMU news. Office space is the part to watch.
Carnegie Mellon's announcement landed on a neighborhood that was already busy. The Rider Residences, which I covered when it topped off in September, is one of several projects going up. Here is what was already moving before September 30, and where the caution is.
Deals already in motion
- NoMad Residences retail, $33 million. Related Group and Tricap sold the ground-floor retail at 2700 NW 2nd Ave, leased to a Casa Tua concept, to Optimar International Realty with $26 million in seller financing, Commercial Observer reported September 21. The building houses 329 condos.
- 2401 NW 6th Ave, $54 million. Gary Krat bought the 1.92-acre site with plans for 1,300 apartments in two 36-story towers under the Live Local Act, which requires at least 40 percent of units be priced as workforce housing, per Commercial Observer in March. It cleared Miami's Urban Development Review Board in 2024.
- Twenty Sixth & 2nd, 233 condos. PMG and Lndmrk broke ground at 2600 NW 2nd Ave on an 8-story building with 26,000 square feet of retail, backed by a $126 million construction loan from Madison Realty Capital and Siguler Guff, per Florida YIMBY. Completion is expected in the second quarter of 2028, and owners can lease short-term.
- Society Wynwood becomes Flow Wynwood. Adam Neumann's Flow bought PMG's 50 percent stake in the 318-unit building at 176 NW 25th St and co-owns it with Greybrook, Bisnow reported in May. The price was not disclosed.
Griffin was already a Wynwood owner before the campus. Earlier this year he bought 545 Wyn, a 10-story office building at 545 NW 26th St, with Goldman Properties for about $180 million, per Bisnow and the Herald.
The office caution
Offices are where I slow down. Bisnow reported Wynwood has 206,000 square feet of offices under construction, second only to Brickell's 863,000, and Savills puts Wynwood office availability at 30.6 percent, by far the highest rate of any Miami submarket. Bisnow also wrote that leasing has recently struggled to keep pace with one of the city's largest construction pipelines. There are bright spots: CommercialSearch noted Amazon's 75,000-square-foot lease at Wynwood Plaza, the largest in Wynwood's history.
“One of the primary things that drives activity and drives companies to an area is an accumulation of talent.”Kevin Gonzalez, SVP, Colliers
My read
Housing and retail in Wynwood had momentum before Carnegie Mellon, and a university anchor gives that momentum a longer runway. Office is different. At 30.6 percent availability, tenants have choices today, and a campus whose first students are targeted for 2028 does not fill floors this year. If you are shopping Wynwood office space, I think the negotiating leverage sits with you right now. On the condo side, Twenty Sixth & 2nd's expected 2028 completion lines up with CMU's first student target, but neither date is guaranteed, and I would underwrite any pre-construction purchase as if the campus were not coming.
Expected delivery, height and size for each project with recorded MLS activity.
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