Rock on? Rilea launches gross sales of rock ‘n’ roll-themed condos in Wynwood

Rilea Group is hoping to faucet into consumers’ rock ‘n’ roll power with its newest rental venture, the place consumers and residents can drive a fleet of Harley-Davidson bikes and chill out in a vinyl document lounge. 

The Miami-based agency is launching gross sales of a short-term rental-friendly venture in Wynwood known as The Rider at Wynwood, in response to Rilea President Diego Ojeda. Ojeda stated he even trademarked the phrase, “Take a trip on the wild aspect,” a play on Lou Reed’s “Take a stroll on the wild aspect.” 

The 12-story, 146-unit constructing, deliberate for 94 Northeast twenty ninth Street, will probably be subsequent to Rilea’s Mohawk at Wynwood, a deliberate 12-story, 300-unit condominium constructing at 56 Northeast twenty ninth Street. Coastal Construction would be the normal contractor for each, Ojeda stated. Construction is anticipated to start this 12 months. 

The Rider at Wynwood, which bought its identify partially due to its proximity to Brightline’s deliberate Wynwood station, may have items priced from the $600,000s to $1.8 million. Buyers will face no rental restrictions and might enter their items right into a rental program or handle them themselves. 

The items will probably be delivered furnished, with high-end facilities that embody Bertazzoni home equipment, Cosentino Dekton counter tops and Porcelanosa rest room fixtures. 

Condos providing short-term rental choices have change into a favourite for traders throughout South Florida as a result of iInvestors can revenue extra from renting their items out for shorter durations of time than conventional leases. 

The Rider may have 11,000 sq. ft of retail area, divided between 5,000 sq. ft on the bottom ground and the rest for a 6,000-square-foot rooftop speakeasy lounge impressed by Sugar at East, Miami, that will probably be accessible through two non-public elevators. The remainder of the rooftop will probably be for residents solely. 

In addition to the 5 Harley-Davidson bikes the developer bought, residents may have entry to Vespa scooters and electrical bikes. He stated the Rider is a boutique venture “with a whole lot of soul” that’s pushing the sting. 

Amenities will embody a “reset” spa with chilly plunge swimming pools, saunas and IV remedy. Similar to The Bond on Brickell, Rilea’s earlier rental venture, the developer will show prints from the Morrison Hotel Gallery, Iconic Images and Modern Rocks Gallery, in response to the discharge. 

Rilea beforehand partnered with the Saline, Michigan-based Promanas Group on the Wynwood rental constructing, however Promanas is now not concerned, a spokesperson for Rilea stated.

Property records present the 0.7-acre assemblage for the Rider at Wynwood website beforehand traded for $12.2 million in 2021. Rilea is engaged on securing a roughly $45 million development mortgage for the venture, Ojeda stated. 

Construction is booming in Wynwood, the place greater than 2,200 residences and condos are within the pipeline, in response to an evaluation by The Real Deal.