Brazilian businessman Michael Krymchantowski wants to develop a 60-unit hotel and residential building in Miami Wynwood.
Krymchantowski got the green light from the city’s Wynwood Design Review Committee on Thursday for his planned eight-story Krymwood Hotel at 176 Northwest 28th Street.
The committee suggested design tweaks, including reconfiguring the trash room and details for the mural and art in the building’s interior and exterior.
According to Aleksander Sanchez of the Wynwood Business Improvement District, who is the liaison for the Wynwood Design Review Committee.
He said, the changes can be made administratively, and city commission approval is not required.
Although the plan may have to go in front of another city board, he said.
Florida Art Services, which lists a Miami address, owns the property, property records show.
The MKDA-designed Krymwood Hotel would span 72,369 square feet, including 4,903 square feet of retail, with 48 hotel keys and 12 residential units, according to the Wynwood Design Review Committee’s agenda.
The documents do not specify if the units would be condos or apartments.
Aventura-based lender QKapital Group is financing the project.
According to a Krymchantowski news release issued in February.
Mauricio Ordoñez, Gaston Schneider and David Hassan founded QKapital, according to the company’s website.
Ken Klein of QKapital negotiated the loan.
Construction of the Krymwood Hotel is expected to be completed in 2024, according to the release.
This would be Krymchantowski’s second Wynwood project.
He owns and operates the Krymwood Flats short-term rentals at 145 Northwest 29th Street.
Which offers studios and one-bedroom units, according to the property’s website.
Wynwood, once a gritty warehouse district, has gone through several iterations in recent years since it was first gentrified and redeveloped into an arts district.
Most recently, the area has become an office hub.
With the completion of projects such as The Gateway at Wynwood and Wynwood Annex.
Among the residential developments in the pipeline is Related Group and David Edelstein’s Tricap’s NoMad Hotels-branded condo building with a Casa Tua Cucina, planned for 2700 Northwest Second Avenue.
The developers launched condo sales in April.
Wynwood’s hotel market has been slower to pick up speed.
Quadrum Global reportedly was first to start building a hotel in the neighborhood.
When it embarked on construction of the 217-key Arlo at 2217 and 2233 Northwest Miami Court last year.
Miami Beach-based Lucky Shepherd’s 2019 plan for the 150-key Shepherd Eco Wynwood with 48 apartments at 60 Northeast 27th Street never came to fruition.
The developer sold the 1.3-acre site to Ironstate Development for $15.6 million last year.