New York City-based Thor Equities has begun construction on Wynwood Walk, which will bring a restaurant, a rooftop venue, and thousands of square feet of retail space to the southwest corner of NW 29th Street and NW Second Avenue.
Once completed, the project, along with Thor's mixed-use condo, Wynwood Plant, will add more than 100,000 square feet of retail to the north end of the neighborhood. No word yet on the restaurant concept.
“The already burgeoning Wynwood Arts District is continuing its rapid transformation from an underutilized industrial area into a true live-work-play community," Thor CEO Joseph Sitt says in an email.
The latest phase of that transformation is going vertical as many of the neighborhood's existing warehouses and homes have been bought out and either turned into ground-level retail stores or cobbled together into larger properties for multistory developments.
Wynwood Plant is slated to be a 12-story tower with 306 apartments. Thor purchased the site for $26.9 million in May 2015.
Nearby, on the southwest corner of NW Third Avenue and NW 27th Street, Goldman Properties is building an eight-story, 428-space parking garage. The $22 million edifice will also include 20,600 square feet of retail.
Construction at 250 Wynwood, a six-story, 11-unit condo and the first in a predicted boom of residential buildings in the neighborhood, wrapped in the late summer of 2015. Thor purchased the first-floor retail space that now houses Michael Solomonov's Federal Donuts and Dizengoff.
The flurry of development came after the City of Miami in 2015 created the Wynwood Neighborhood Revitalization District to encourage more higher-density, mixed-use, and residential projects throughout the area. Since then, various proposals have put forth a possible 1,000 residential units and 3.9 million square feet of retail space, according to the Real Deal.
Around the same time, the neighborhood's business improvement district created the Wynwood Design and Review Committee in the hopes of keeping the architectural and cultural integrity of the neighborhood intact as it evolves.
"We all know what Wynwood looks like on one floor," says baker Zak Stern, who sits on the committee with seven others, "but the question is what it looks like when it goes from two to 12 floors."