L&L Holding Company and Carpe Real Estate Partners have acquired a three-acre assemblage for the creation of The Wynwood Plaza, a development that will bring new office, residential, retail and outdoor space to Miami’s Wynwood Arts District. According to published reports, the partnership paid $50 million for the assemblage.

The Wynwood Plaza will include a 266,000-square-foot office tower with outdoor space on every floor, a residential building with 509 rental apartments, indoor and outdoor dining, retail and a 668-space parking garage.

The project will also feature a 25,000 square-foot outdoor public plaza and a pedestrian paseo that forms a central thoroughfare connecting to the greater Wynwood community. The partners will collaborate with local artists on multiple large-scale art mural designs to enrich and animate the community experience.

The Wynwood Plaza’s grand opening is expected in 2024.