Uribe Schwarzkopf launches WOMA Wynwood condo sales in Miami
The Quito developer moves from land closing to sales center in five weeks, testing what a $515-a-foot Wynwood basis can carry.
Uribe Schwarzkopf opened a sales center Tuesday for WOMA, 163 condos on the Wynwood Norte assemblage the Quito-based developer closed on in June for $25 million. It is the 50-year-old firm’s first ground-up project in the United States, and the move from recorded deed to sales gallery took a little over two months.
Why it matters
Our July 27 read of the county deed showed Woma Wynwood LLC paying $515 a square foot for the four-folio, 48,552 square foot site at NW 5th Avenue and NW 32nd Street, a basis 3.4 times the county’s own land value. A launch this fast after closing means the developer had unit mix, pricing and a design partner lined up before the ink on the deed dried, which is the posture of a company that underwrote the exit before it underwrote the land. MVRDV designed the building with Miami-based Kobi Karp as architect of record, giving WOMA an outside design pedigree that Uribe Schwarzkopf is betting will justify the premium against the neighborhood’s other Wynwood Norte launches.
The numbers
WOMA totals 163 residential units, mostly one and two bedrooms, with micro units capped at 320 square feet and a 700-square-foot duplex atelier as the largest live-work option. Prices start at $380,000 and top out at $1.2 million. The project also carries 13 retail spaces and 16 offices, plus a rooftop pool, wellness terrace and a ground-floor public plaza. Uribe Schwarzkopf is targeting a groundbreaking as early as March or April 2027, with completion in late 2029. Splitting the $25 million land price across 163 units works out to about $153,000 of land cost per unit, roughly 40% of the entry price on the smallest studios before a shovel goes in the ground, a tight number for a market still absorbing prior Wynwood cycles.
What’s next
The test now runs through the sales center, not the permit office. A $515-a-foot land basis only clears if reservations hold at the top of that $380,000 to $1.2 million band, since the bottom of it leaves little room once hard costs and the design premium are layered on. Watch for a unity of title or Miami 21 warrant filing on the four folios, and for reservation counts out of the gallery in the next few weeks. More South Florida coverage.