The Collective Unveils $210M Miami Project
The acquisition marks the company’s fifth in the US in the past 12 months, with three sites under its belt in New York City, and a recent announcement that it had secured permits in Chicago for a 170,000-square-foot ground-up co-living project in The Chicago Loop.
MIAMI—Following up projects in New York City and Chicago, The Collective has announced a $210-million plan to bring its first co-living project here at 2825 NW 2nd Ave. in Wynwood.
The acquisition marks the company’s fifth in the US in the past 12 months, with three sites under its belt in New York City, and a recent announcement that it had secured permits in Chicago for a 170,000-square-foot ground-up co-living project in The Chicago Loop.
The Collective’s Wynwood project will be set out over eight to 12 stories. The development’s programming will be focused on arts and maker culture, providing a home for rising talent in the neighborhood, and the creative’s lifestyle, the company states. The space will cater to the spirited and culturally diverse neighborhood of Wynwood, with unique nightlife experiences designed into the building’s program.
The project will include a street-level gallery, concept dining and pop-up retail space and more to be announced. The Collective will deliver smart building technologies, state of the art urban landscaping, and a highly energy-efficient building.
“As the world continues to become more mobile and global, we believe that people will gravitate towards areas that are accessible, have a high quality of life, and are culturally diverse and inspiring,” says The Collective’s founder and CEO Reza Merchant. “Therefore, Wynwood really is a no brainer for us and we see so much potential for growth in the area.”
The Collective’s Miami project will be taken forward in partnership with Tony Cho, founder of Metro1, Wynwood Gateway Companies and Miami’s Magic City Innovation District. Cho will stay on as a partner in the project and play a key role in the development, focusing on tenant curation, sustainability and community.
To date, The Collective has raised more than $800 million to fund its growth across the U.S., U.K and continental Europe. In July 2019, The Collective will open the doors to its largest co-living building to date, The Collective Canary Wharf in London.