Gymshark Pulls Remodel Permit for First-Ever Gym, in Wynwood
Gymshark pulled a remodel permit at 2050 North Miami Avenue in Wynwood, where the British athleisure brand is building its first-ever physical gym.
Gymshark has pulled remodel and repair permits at 2050 North Miami Avenue in Wynwood, where the British athleisure brand is building out its first-ever physical gym, according to The Real Deal’s weekly South Florida permits roundup. The 19,700-square-foot building is owned by an affiliate of Dan Loeb’s hedge fund Third Point and KAR Properties, led by Shahab S. Karmely.
Why it matters
A pure apparel brand committing to a ground-up gym, its first anywhere in the world, in Wynwood rather than a flagship market like New York or London is a landlord-leverage signal as much as a retail one. Gymshark signed its lease last year with a 10-year term and an option for five more, well before this remodel permit hit the county’s books, which means the brand underwrote Wynwood’s foot traffic and rent trajectory as a decade-long bet, not a pop-up test. For Miami developers and landlords tracking what national capital will still pay for storefronts, a global brand skipping the test-market step is the clearest evidence yet that Wynwood retail rents have room to keep climbing.
The numbers
The City of Miami issued three permits tied to the buildout, covering electrical, mechanical and plumbing scope, under numbers BD25020187001E001, BD25020187001MA001 and BD25020187001P001. The building spans 19,700 square feet, and Gymshark’s lease runs 10 years with a five-year extension option, terms first reported when the deal signed last year. The Real Deal’s roundup, which tracks the county’s highest-value weekly permit filings, published the remodel item August 28.
What’s next
Gymshark has said publicly it plans to open the gym, branded as its Lifting Club, to the public this year, its first move from selling workout apparel into operating the room people work out in. If the concept performs in Wynwood, expect Gymshark to treat this build as the template for a second physical location elsewhere, and expect other apparel and consumer brands watching Wynwood’s rent comps to read a 10-year lease as proof the neighborhood’s retail premium is durable, not a fad.