Mohawk at Wynwood Starts: 300 Rentals, Retail for Sale

Rilea Group broke ground on September 23, 2026 on Mohawk at Wynwood, a 300-apartment rental project with ground-floor shops at 50 NE 29th Street, between Wynwood and Midtown, Florida YIMBY and PROFILEmiami reported. Completion is slated for 2029. The apartments are for rent, not for sale; what is being sold is the retail.

What is being built

The plan is two residential buildings of 12 and 8 stories with about 29,000 square feet of retail on the ground floor and an enclosed garage of 318 spaces. Deforma Studio designed the exterior, RADYCA the interiors, and Coastal Construction is the general contractor. Construction financing comes from Nuveen Green Capital and ABANCA, both outlets reported. One date differs: The Real Deal's August permit story put completion in 2028, while the groundbreaking coverage says 2029.

The retail is selling by the square foot

Rilea is selling the shop spaces individually, in units of 642 to 2,544 square feet. About a third of the retail space is under contract at a blended price of roughly $1,800 per square foot, and one international buyer bought five units for about $14 million settled in USDT, a dollar-pegged stablecoin, according to Florida YIMBY and PROFILEmiami. Those are developer-reported figures, not recorded closings.

For comparison, residential condos in Midtown closed at a median of $582 per square foot over the last 12 months in Own.Miami's data. Commercial condo pricing follows rents and foot traffic, not apartment math, so the gap is not a like-for-like premium.

What it means for Midtown condo buyers and owners

The block is filling with new product from one developer. The condo tower Rilea is developing with Ciprés on the same block, The Rider Residences, topped off in September 2026 with completion expected in the second half of 2027. Mohawk's 300 rentals add to the supply that Midtown condo owners compete with when they lease their units.

Midtown's resale market already leans toward buyers. The Midtown guide lists every tower on these blocks. Own.Miami data as of October 13, 2026:

• 161 condos for sale and 89 closed sales over the last 12 months, about 21.7 months of supply.
• The median closing price per square foot fell 10.1% from the year before, to $582.
• Sellers accepted a median 92.9% of the asking price; our Buyer/Seller Market Index reads 24 of 100, a buyer's market.

Other condo towers within a few blocks include The Standard Residences Midtown, NoMad Residences Wynwood and the pre-construction Midtown Park by Proper.