Between March 2021 and May 2022, real estate developers have already spent about $300 million to acquire land plots for development in Wynwood, Miami. They plan to build dozens of various projects. Many of these projects are already under active development.
About 2,200 apartments and condominiums are expected to enter the local market. The number of new properties should continue to grow as new developments are announced in the near future.
So far, the development of the district is in the early stages. In comparison, property developers have already spent $366,000,000 and $555,000,000 to acquire land plots in Brickell and Edgewater.
It is already known about several projects in the area. There is a residential complex for 289 apartments on 26 Northeast 27th Street. There will be a housing complex for 180 apartments in configurations starting from small studios to six-bedroom accommodation facilities at 2825 Northwest Second Avenue.
The district is developing in different directions. Affordable and elite properties are under construction here: residential complexes and mixed format complexes for a broad range of needs. There is also an emphasis on units that have common public spaces, from large-scale parking spaces for 250+ lots to swimming pools.
Around $15,000,000 to $140,000,000 have already been spent on various buildings. And the cost will grow even more. Some construction work is scheduled to be completed in 2024.
It must, however, be noted that even “affordable” offers will cost buyers a pretty penny because their final price will include expenses on building materials that have grown in price, overpayments for broken production and supply chains during the pandemic, and also rising interest rates and inflation.