CIM Group breaks ground on 1.78-acre mixed-use project in Florida
CIM Group today has broken ground on a mixed-use development in the Wynwood district of Miami, Fla., the company announced Aug. 26.
The project is located on a 1.78-acre site at 2201 N. Miami Ave. and includes 27,000 square feet of street-level retail and studio space, 60,000 square feet of office space, 257 apartment units and 480 parking stalls.
Spanning a full city block bounded by NE 22nd and NE 23rd streets, the site has approximately 250 linear feet of frontage on N. Miami Avenue to the west, and fronts the Brightline Rail to the east.
Three office floors will be located above the street-level retail and studio space and extend across the full block. The space also includes two eight-story towers with contemporary apartments in a variety of sizes and floor plans, ranging from studios to three-bedroom units. The retail, office and apartments will feature floor-to-ceiling windows. The ground- floor retail space will accommodate a variety of shops, cafes and restaurants, galleries or other businesses.
The deal follows CIM’s recent development of Caoba, a 444-unit, 43-story apartment tower that began accepting tenants in January. Caoba is part of a 27-acre, mixed-use Miami Worldcenter project, in which CIM is also an owner and co-developer.
CIM, which acquired the site in October 2018, is co-developing the property with One Real Estate Investment.
The building is expected to be complete in mid-2021.