US: Short-term rental operator Domio is expanding into Wynwood, Miami, for a mixed-use project that is currently under construction.
Domio is taking over the residential component of the Related Group and Block Capital Group’s 175-unit project for apartments at The Bradley on 51 Northwest 26th Street.
Lenny Kravitz’s Kravitz Design has been tasked with designing the amenity spaces and public areas, while Arquitectonica is the designated architect.
Domio reportedly fought off competition from rival short-term rental operators including Mint House, Sonder and Stay Alfred, according to Gustavo Miculitzki of Block Capital.
Domio has signed a ten-year lease with two five-year extension options.
Domio Wynwood will include 32,000 square feet of retail and restaurant space, a 233-space parking garage with bicycle storage, and a rooftop terrace complete with a pool, amenity deck, outdoor kitchen and dining area. It will also have a fitness facility and health club.
The units will feature Italian kitchens and vanities, stainless steel appliances, washer and dryers, walk-in closets, keyless entry, custom wallpaper and artwork.
The building is set to be handed over to Domio by the end of the year.
Speaking to The Real Deal, Miculitzki said that the deal with Domio shows the direction the Wynwood market is headed, with a number of apartment projects already planned or underway, as well as hotels, office and retail developments.
However, Domio will become the first short-term rental or hotel operator to open a new development in Wynwood, followed by DolphinBay Hospitality which is set to have its Moxy by Marriott project completed at some point next year.
Earlier this year, Domio, which is headquartered in New York, entered the South Florida market when it signed a $1.45 million deal to lease 45 units at the beachfront Monte Carlo in Miami Beach. The company also opened its first apart-hotel in New Orleans this year.
Block Capital Group has a number of other real estate holdings in Wynwood, after partnering with Kushner Companies on two mixed-use buildings on 1.5 acres at 127 Northwest 27th Street and 129 Northwest 26th Street.
For more information, visit the Domio website here.