MIAMI—Wynwood Central, the first major ground-up, mixed-use commercial real estate development in Miami's Wynwood Art District, is rising from the dirt. As the district's first community space and connecting points for residents to gather, shop, work, and live, some are calling the $50 million project a game changer.

“We recognized that Wynwood needed a pedestrian-friendly, connecting point that offered additional services and amenities,” says Lyle Chariff, a spokesman for the developers, Marc Kovens and Shawn Chemtov. “Once it's completed, Wynwood Central will appropriately represent the future of one of the country's fastest growing neighborhoods and serve as a catalyst for its growth and vitality, enhancing the overall quality of life.”

Bold words, for sure. But it's not all hype. Wynwood Central will span about 385,000 square feet and include 69 live-work residences, along with 40,000 square feet of retail space tenanted with community needs mind. The project will also offer 50,000 square feet of mixed-use, showroom, office space, and commercial space for Miami's arts, technology and design sectors.

Located in the heart of Wynwood district between Northwest 24 Street and Northwest 25 Street, just west of the area's main thoroughfare of Northwest 2nd Avenue, the eight-story atrium building will ultimately offer three floors of retail and commercial space, a parking garage with 420 covered spaces, and a rooftop pool and bar. Residences are targeting the creative and technology communities, with five floors of live/work units featuring 2/2 and 3/3 bedroom multifamily units from 1,250 to 2,500 square feet.

Bloom Miami and DNB Design Group designed and programmed the space with neighborhood dynamics in mind. They consulted artists, business owners, and influencers to understand the district's needs and align plans with those values.

Kovens and Chemtov are South Florida real estate veterans. Amicon Construction and Chariff Realty Group, which specialize in Miami's urban core, and will help curate the mix of independent retail and commercial tenants, are also supporting the project. Wynwood Central broke ground in November and is expected to be complete by mid-2015.