Rilea Group, Ciprés Top Off Rider Residences in Wynwood

Rilea Group and Ciprés topped off The Rider Residences in Wynwood this month, closing out the concrete frame of a 12-story, 146-unit condominium built on a $90 million construction loan from Banco Inbursa, the Mexican bank majority owned by Carlos Slim. Miami-Dade property records show the site itself came together earlier, through a 2021 land purchase and a 2024 partner buyout, both recorded under an entity called Wynwood Rider LLC.

Why it matters

The lender matters more than the loan size here. Banco Inbursa is a real, Mexico City-based bank inside Slim’s Grupo Financiero Inbursa, not an informal nickname, and its willingness to write $90 million of construction debt into a Wynwood condo is a data point for developers tracking which capital sources are still funding South Florida vertical construction at a time when several regional lenders have pulled back from ground-up condo. For Miami developers, a cross-border bank underwriting a mid-size boutique tower, arranged through a local broker rather than a New York debt fund, is a financing channel worth watching rather than a one-off.

The numbers

The Rider Residences rises 12 stories at 94 NE 29th Street, with 146 units ranging from studios to three-bedroom layouts, sized 386 to 1,612 sq ft, plus roughly 11,000 sq ft of ground-floor retail and rooftop food and beverage space. Banco Inbursa’s $90 million construction loan was arranged by Javier Herrera of Franklin Street and closed in September 2025. Vertical construction began in March 2026, and the building topped off six months later, on September 15, 2026, with delivery expected in the second half of 2027.

The land underneath it has its own paper trail. Wynwood Rider LLC paid $12,205,000 for the 24,288 sq ft lot in October 2021, then paid $21,000,000 in June 2024 to consolidate the site under its own name, a recorded transfer between affiliated parties as Rilea bought out its original partner’s stake. Both prices are drawn from the deed history at the Miami-Dade Property Appraiser, folio 01-3125-004-0240.

What’s next

Completion is targeted for the second half of 2027, which puts the sellout clock on Rilea and Ciprés for the next several quarters as the tower goes vertical on interiors and amenities. Unit prices at the time the loan closed ranged from $500,000 to $2.5 million, and the project had crossed the halfway mark in presales. Watch for the first assignment or satisfaction filed against the Banco Inbursa mortgage, which would mark the next capital event on a site that has already changed hands twice on paper before a single unit closed.