Two years after Alexis Bogomolni started his real estate firm, he plans to start building 217 apartments in Miami’s Wynwood Norte district by the end of the year. real deal Learned.
Bogomolni told ABH Developer Group that it has completed a 4.1-acre non-contiguous portfolio throughout the area and plans to develop the properties into 13 multifamily projects, each with 24 to 150 units TRDIn total, the Miami-based company has paid more than $35 million for the Wynwood Norte development site since 2021.
For the first chapter of his development plan, Bogomolni said he expects ABH to begin construction this year on six projects ranging from three to six stories, each with 24 to 51 units.
The developments will include a four-story, 25-unit retail building at 3422 Fifth Avenue NW; a six-story, 44-unit building with six micro-retail units at 3332 Fifth Avenue NW; and 355 Northwest 31st Street a three-story, 24-unit building at 319 Northwest 35th Street; a four-story, 51-unit building at 3333 Northwest First Avenue; and a building at 401 Northwest 34th Street, according to Bogomolni. A four-story, 45-unit building.
Property records show most properties are single-family homes or vacant lots.
All projects will include rooftop installations. In addition, 20 percent of the units in each development will be workforce housing for households earning between 80 percent and 100 percent of the area median income.
The AMI for Miami-Dade County is $68,300. This means that to qualify for an ABH workforce unit, one-person households cannot exceed $54,640 per year, two-person households cannot exceed $62,400 per year, and three-person households cannot exceed guidelines, $70,240.
In addition, ABH has tentative plans for a four-story, 150-unit multifamily project on a 1-acre contiguous site at 3129 and 3131 First Avenue NW; 75, 79, 85 and 93 31st Street NW; According to Bogomolni, 84-86 and 90-92 32nd Street NW. ABH paid a total of $10.1 million for the properties, and recently completed assembly for a $2.4 million duplex on 32nd Street NW.
“because [project] It’s a little bit bigger, and we’ll be working on it for a longer period of time,” Bogomolni said.
The 23-year-old developer founded ABH in 2021 to forge his own path in real estate, splitting from his father Gustavo Bogomolni, the Aventura-based development managing partner MG3 GroupAt the time, the hot South Florida real estate market made it difficult for the young Bogomolni to get into the development game. “Prices went up really fast, and the numbers started to get everywhere,” he said. “Fortunately, we were able to find opportunities in Wynwood Norte.”
City of Miami officially awards Wynwood Norte District a zoning reform 2021 aims to incentivize affordable housing and workforce housing development in the region.As the name suggests, the district is located in the northern Wynwood Arts District From I-195 south to 29th Street NW and from I-95 east to North Miami Avenue.
ABH has the same projects planned this year as other South Florida developers sitting on the sidelineswaiting for expensive construction financing and high labor and material costs to subside.
While ABH’s financing capital stack has yet to be finalized, the company’s efforts are backed in part by foreign investors, said Bogomolni, who declined to identify the investors. Additionally, he added, the scale of his development plans at Wynwood Norte is giving lenders confidence.
“I’m taking advantage of my dad’s connections in finance, and my time in New York,” said Bogomolni, a graduate of NYU’s Stern School of Business. “And taking advantage of the fact that it’s 13 projects and not just one.”
ABH follows along with several other developers Wynwood North. North Carolina-based Evolve Companies Program 11 floors, 105 universitiesThe apartment building at 475 Northwest 36th Street, and Eight floors, 141 units The building is located on the northeast corner of NW 35th Street and the I-95 northbound exit ramp.
Miami Centner College’s controversial owners David and Leila Centner assemble land in area, pay $4.7 million 3442 and 3490 2nd Avenue NW in March. They also own the property at 3465 Second Avenue NW.
