The New York-based R&B Realty has officially launched leasing at The Gateway at Wynwood, their new Class-A office building which is based at the intersection of Wynwood, Midtown and Miami Design District. Located at 2916 North Miami Avenue, the project is expected to become the first office building in Wynwood which has the capabilities of accommodating a major Class A tenant of scale. The Miami Urban Design Review Board issued a favorable recommendation following an October 2016 decision by the Miami Planning and Zoning Board granting R&B Realty's request to switch the property from multifamily to general commercial zoning in march 2017. The Gateway at Wynwood will feature over 420,000 SF of spacing including 200,000 SF of leasable Class A Office Space, 25,000 SF flexible floor plates, an on-site parking garage, floor-to-ceiling glass windows, a private rooftop terrace, around-the-clock security, and 25,000 SF of prime street-level retail space. Site preparations have begun, financing is secured, and groundbreaking will take place in the next 3 months as R&B Realty is set to begin construction "on spec." R&B Realty is looking to take advantage of strong demand and limited inventory of office space over the past five years where Wynwood has seen average office rents rise from $22.70 to more than $40.00 per square-foot as vacancy rates have fallen to 6.7%. Leasing is being overseen by Stephen Rutchik of Colliers EVP. The Gateway at Wynwood is expected to be completed in 2019.
“Artsy, accessible and efficient, The Gateway at Wynwood is the office address of choice for both creative directors looking for a hip, trendy location – and CFOs focused on the bottom line,” said Aron Rosenberg, chairman of New York-based R&B Realty. “Our team is confident in the Miami market, and we’ve encountered significant pre-leasing demand among tenants eyeing a move into Wynwood who view our building as the only option for true Class-A users, leading us to begin development ‘on spec.’”
“As Miami becomes more urban and new commercial districts emerge, office users of all sizes are seeking out space in well-located neighborhoods with strong quality of life offerings, like Wynwood and Midtown,” says Stephen Rutchik, executive vice president with Colliers International. “Capable of accommodating major global brands and entrepreneurial firms alike, The Gateway at Wynwood is the only true Class-A building under development in one of Miami’s fastest-growing submarkets.”