Sydell Group and developers Related Group and Tricap last week announced the development of a residential condominium concept in Miami’s hot Wynwood neighborhood, NoMad Residences Wynwood.
Prices for the standalone development slated for completion in 2024 will start in the mid-US$500,000s with reservations set to begin this month.
The 329-units within the nine-story building range from 464 to 931 square feet and come standard with high ceilings and floor-to-ceiling sliding glass doors leading out to private balconies. Kitchens will be equipped with premium appliances, Italian-style cabinetry adorned with brass hardware, and stone countertops. All units will also come fully furnished, with packages curated by DesignAgency. The architectural firm of record is Arquitectonica. Buyers will also have the option to rent their units to guests, with the in-house property management team spearheading check-in and check-out.
Wynwood has emerged as an in-demand real estate marketing in Miami with tech companies finding space. There is a growing New York City presence in this neighborhood with the introduction of NoMad and even Meatpacking District’s culinary concept Pastis.
HOTELS talked to Related Group Senior Vice President Nicholas Pérez to elaborate on the project.
HOTELS: Branded residential has been primarily a luxury play. Why do you think a lifestyle brand like NoMad will be successful for selling residences?
Nicholas Pérez: Related has been a leader in branded development for many years now, in many ways popularizing the concept across South Florida. And while every branded project is totally unique, they all share one thing in common: they are successful in converting brand loyalists into buyers. Practically every branded project Related has ever built was entirely sold out well in advance of it being delivered.
We expect the NoMad Residences Wynwood will meet, if not exceed, these expectations. The project is in Miami’s most popular neighborhood, has the best of the best in terms of amenities and it will be co-created with Sydell Group, a hospitality company that has earned world-wide acclaim for their thoughtful approach and eye for design. There’s been nothing like this in Wynwood, and we’re confident we’re setting the bar for others to follow in the neighborhood.
H: How did the deal come together (circumstances)?
NP: Related has owned this particular parcel since September of 2021, and as stewards to the neighborhood, we knew we wanted to develop it in partnership with a well-known hospitality brand that would make the most sense for the area.
As we began doing our due diligence to hand-pick the perfect partner, one name kept coming up again and again: NoMad Hotels. Not only were the hotels beloved by clientele, but the industry itself held the name in the highest esteem.
It was pure coincidence when we saw that Sydell Group CEO Andrew Zobler moved to Miami himself. From there, we approached him with the idea of building the first-ever NoMad condo in Wynwood and the rest is history.
H: Development costs are skyrocketing. What will you do to best manage this?
NP: This is a challenge every major development, no matter the market or sector, is facing. Fortunately, we are among the largest developers in the country and can use our scale to secure the best pricing possible. We also do our best to lock in prices in advance to avoid further price hikes.
H: Can you share anything on development costs?
NP: Too early to comment.
H: How big a piece of the business will the rental pool become, and how much will the feature drive sales?
NP: That is hard to say right now, but we certainly expect a large portion of our buyers to rent out their home at some point in time. Some will do this sparingly when they themselves are out of town, while others will make this a primary focus. One thing is certain; however, we’ve tapped experienced operators to ensure the building runs smoothly 100% of the time, regardless of how the units end up being used.
H: Will the partnership, or any one of the partners, consider more branded developments like this? Any details?
NP: Sydell Group is actively working on hotel/residential projects in New York and London. As mentioned previously, Related Group is actively working on many branded projects, including the Ritz Residences, Tampa; Baccarat Residences Miami; and Casa Bella by B&B Italia.
H: Are you leasing or self-operating the F&B, and why?
NP: Our partners, NoMad, will be operating the signature rooftop restaurant and bar concept, while Casa Tua Cucina will be operating the ground-floor restaurant offering.
H: How crucial is the experiential piece of this development, including the co-work space?
NP: The experience is everything, which is exactly why we went with NoMad. Nobody is better at curating and activating shared spaces. This is also why we chose to make the rooftop NoMad Bar open to the public – we felt this would add a special energy to the building and truly make it the heart of Wynwood.