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Site preparations have started with vertical construction expected in within 90 days for a new 420,000 sq. ft. building in Miami’s Wynwood district. The structure will have 200,000 sq. ft. of office space.
R&B Realty, the New York-based real estate firm developing the 12-story Gateway at Wynwood, is financing the building’s construction with equity, a news release says. The project at 2916 North Miami Ave. has been designed by Kobi Karp Architecture and is expected to be completed in 2019.
The Real Deal reports that Aron Rosenberg purchased the site in 2016 for $11.5 million. Previously it had been an industrial property that was formerly the home of Murphy’s Truck Rebuilding Service. He also purchased 2994 North Miami Ave. for $6.5 million.
Altogether Rosenberg now holds about 1.12 acres of land on that block, which sits on the border between Midtown Miami and Wynwood, both of which are rapidly redeveloping, The Real Deal reported.