New York-based RedSky Capital announced that it has obtained an $18.72 million construction loan from the Bank of the Ozarks (Nasdaq: OZRK) to finance work on an office building at 222 N.W. 24th St. in Wynwood.
The 12-story Cube Wynwd will become one of the first modern Class A office developments in the Wynwood neighborhood, which is best known for street art. It is currently one of the four projects in the area that features office spaces, and the third to commence construction.
Designed by international firm Arquitectonica, the development will bring 76,356 sq. ft. of office space and 11,155 sq. ft. of ground-floor retail. Completion is expected by the fall of 2018.
Blanca Commercial Real Estate, the building’s leasing broker, also announced that Spaces has signed a lease contract for 23,638 sq. ft. at Cube Wynwd. The creative shared workspaces company will occupy 27 percent of the office development.
“What we are seeing is a growing number of tenants are opting for creative spaces that offer a range of entertainment and lifestyle options, in addition to traditional work environments, in order to help attract and retain today’s top talent,” said Tere Blanca, CRE at Blanca Commercial Real Estate.
“Cube Wynwd offers a central location connected to numerous retail, dining, entertainment and residential offerings, as well as on-site amenities,” Blanca said.
Tenants of the LEED-certified building will use 89 parking spaces at a nearby site also owned by RedSky. They will also have access to amenities such as a rooftop terrace and Wi-Fi in common areas.