Cube Wynwd office building breaks ground in Miami

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By Brian Bandell

RedSky Capital obtained an $18.72 million construction loan to begin work on an office building in Miami’s Wynwood neighborhood, and also announced its first tenant.

Cube Wynwd, at 222 N.W. 24th St., will be one of the first modern Class A office buildings in Wynwood, which is best known for street art, dining and shopping. This is one of four developments there with office space, and the third to start construction.

Bank of the Ozarks (Nasdaq: OZRK) awarded the mortgage to Cube Wynwood SPE, an affiliate of Brooklyn, New York-based RedSky Capital. The 12-story building will have 76,356 square feet of office space and 11,155 square feet of ground-floor retail.

Blanca Commercial Real Estate, the building’s leasing broker, announced that creative shared workspaces firm Spaces has signed a 23,638-square-foot lease at Cube Wynwd, making the building 27 percent occupied. The tenant was represented by JLL’s Randy Carballo and Gavin MacPhail, while Blanca CRE’s Tera Blanca and Danet Linares represented RedSky.

“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,” Blanca said. “Cube Wynwd offers a central location connected to numerous retail, dining, entertainment and residential offerings, as well as on- site amenities.”

Tenants will use 89 parking spaces at a nearby site owned by RedSky, and will also have valet service. The building will have a rooftop terrace and Wi-Fi in the common areas.

It was designed by Arquitectonica and should be delivered in fall 2018.

The project is near Panther Coffee. Office developers in Wynwood are counting on tenants to be attracted by all of the neighborhood’s restaurants and cultural facilities.

RedSky scores construction loan for Cube Wynwyd

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Developer just inked a lease with shared office concept Spaces

By Katherine Kallergis

RedSky Capital closed on an $18.27 million construction loan for an office building it plans to develop in Wynwood, property records show.

Bank of the Ozarks is providing the financing for Cube Wynwyd, an eight-story office building at 222 Northwest 24th Street. The project, with nearly 80,000 square feet of office space and about 11,400 square feet of retail space, will mark one of the first new office buildings in Wynwood. Construction is underway, according to a spokesperson for Blanca Commercial Real Estate, which is handling leasing.

JLL’s Aaron Appel and Jonathan Schwartz arranged the financing.

Asking rents range from about $38 to $42 per square foot triple-net for spaces that go up to a full 11,360-square-foot floor, Tere Blanca previously said. It’s 27 percent preleased to tenants that include Spaces, a shared workspace concept. Spaces just signed a nearly 24,000-square-foot lease at Cube Wynwyd, according to a spokesperson. Randy Carballo and Gavin MacPhail of JLL represented the co-working firm, and Blanca and Danet Linares of Blanca Commercial represented RedSky.

Arquitectonica is designing the LEED-certified building, which will include a rooftop terrace and 30-foot breezeway with restaurant and retail tenants on the ground floor. It’s slated to open in 2018.

John Guitar leaves Florida East Coast Industries for Blanca CRE

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He will lead statewide expansion for the brokerage.

By Katherine Kallergis
October 30, 2017

John Guitar

John Guitar left Florida East Coast Industries to join Blanca Commercial Real Estate as managing director and vice chair.

Guitar will oversee the day-to-day operations and lead the statewide expansion of the Brickell-based commercial brokerage, which is led by CEO Tere Blanca, according to a news release. At FECI, he was most recently senior vice president of business development.

Guitar oversaw FECI subsidiary All Aboard Florida’s transit-oriented projects in Miami, Fort Lauderdale and West Palm Beach, working with Blanca to market and lease the 2 MiamiCentral and 3 MiamiCentral office towers. He worked with FECI for 14 years. “Quite honestly, we were getting to the point where [Brightline] work was getting wrapped up and it was a normal time to make a transition,” Guitar said.

He was also previously vice president at FECI’s Flagler Development.

In June, Vince Signorello, FECI’s president and CEO, resigned to launch his own real estate investment and development firm. Signorello led development of the Brightline project, a $3 billion express-train service. Brightline is now scheduled to start service between Fort Lauderdale and West Palm Beach later this year.

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