Developers are set to transform the Wynwood District of Miami with a new 12-story mixed-use project at 18 Northwest 23rd Street. Alchemy Properties, in partnership with Breakers Capital and Galapagos Global Capital Management LLC, announced plans for this significant development, which they acquired in 2022 for $18 million. This marks Alchemy’s entry into the Miami condominium market.
The ambitious project will feature approximately 206,000 square feet of residential space, complemented by 13,500 square feet of ground-floor retail. Additionally, the development will include more than 30,000 square feet dedicated to indoor and outdoor amenities. Plans currently include a total of 186 residences, offering a variety of layouts such as studios, one-, two-, and three-bedroom units.
Modern Amenities and Sustainable Living
The proposed amenities are designed to cater to a diverse range of residents. They include a state-of-the-art fitness center, a rooftop pool, event spaces, and both indoor and outdoor lounges. For those working remotely, coworking areas will be available, while a pet spa will add a unique touch for animal lovers. A parking garage is planned to accommodate 167 vehicles.
Sales for the residences are scheduled to commence in early 2026, with construction anticipated to start in the first quarter of 2027. Notably, the project has already received full entitlements, paving the way for swift progress.
Brian Ray, Co-Founder and Principal of Alchemy-ABR Investment Partners, expressed optimism about the project’s potential. “It says a lot about the strength and excitement of Wynwood and this particular project that we’ve been able to secure such a strong capital partner in Galapagos Capital for their first ground-up project in the United States,” he remarked. Ray added that he is eager to see the collaboration result in a premier condominium project appealing to both domestic and international buyers.
Rodrigo Machado, Managing Director at Galapagos Capital, echoed Ray’s sentiments, stating, “This is a compelling opportunity to create long-term value in one of Miami’s most exciting submarkets. Alchemy Properties has a strong development track record, and we’re proud to collaborate on this project to bring world-class residential living to Wynwood.”
Design and Project Management
The development will be brought to life with the expertise of Arquitectonica, serving as the design architect, while MKDA will handle interior design. The general contracting duties will be managed by Beauchamp. The project’s financial arrangements have been facilitated by JLL Capital Markets Miami, specifically through the efforts of Brian Gaswirth and Paul Adams.
Legal counsel for the development includes Holland & Knight for Alchemy Properties and Breakers Capital, as well as DLA Piper for Galapagos Capital. As the project progresses, stakeholders will continue to monitor developments closely, ensuring that the vision for this mixed-use project becomes a reality.
The Wynwood District, known for its vibrant arts scene and dynamic atmosphere, is poised to benefit significantly from this new addition. As demand for residential options in urban areas continues to rise, this project reflects a growing trend towards mixed-use developments that cater to both living and working populations. With construction on the horizon, the Wynwood community eagerly anticipates the transformation this project will bring.
