PMG Secures $126M for Wynwood Mixed-Use Condo Tower
PMG and Lndmrk Development have obtained $126 million in construction financing for a 233-unit residential project in Miami's Wynwood district. The development will feature furnished units paired with deeded office space and short-term rental capabilities.
Miami-based developers PMG and Lndmrk Development have closed on $126 million in construction financing to build an innovative mixed-use condominium project in Wynwood that combines residential units with office space.
Madison Realty Capital and Siguler Guff provided the funding for Twenty Sixth & 2nd Wynwood Residences, an eight-story building planned for 2600 Northwest Second Avenue. The 233-unit development will offer fully furnished studio and one-bedroom condominiums, each accompanied by deeded office suites within the same structure.
Boston-based Cube 3 Studio designed the project, which will feature amenities including a rooftop pool, spa facilities, and fitness center. The developers have established a partnership with Airbnb to enable short-term rental operations, positioning the units for both residential living and investment income.
PMG Residential is handling sales and marketing, with unit prices spanning from $500,000 to $1 million. The project has achieved 73 percent presales ahead of construction completion scheduled for 2028.
The development represents another collaboration between PMG, led by Ryan Shear, Dan Kaplan, and Kevin Maloney, and Lndmrk's Alex Karakhanian. The partnership previously launched sales for a 244-unit Frida Kahlo-branded short-term rental condominium in Wynwood this past January.
PMG maintains an extensive Miami development pipeline with hundreds of units under construction or in planning. The company recently initiated sales for One Twenty Brickell Signature Residences, a 40-story tower containing 467 furnished units. Additionally, PMG launched the Delano Residences Miami in February, a 90-story supertall featuring 421 units.
The development site is being acquired from ASG Equities, controlled by the Gindi family. ASG Equities will retain ownership of 26,000 square feet of retail space at the project and maintain a minority stake in the residential component.
Wynwood has emerged as a prime destination for mixed-use developments that cater to Miami's growing population of remote workers and short-term rental investors. The neighborhood's transformation from an industrial district to a vibrant arts and business hub continues attracting developers seeking to capitalize on demand for flexible living and working arrangements.
The project's unique combination of residential and office space reflects evolving real estate preferences accelerated by remote work trends. By including deeded office suites with each residential unit, the developers are addressing buyer demand for integrated live-work environments in one of Miami's most dynamic neighborhoods.
