Miami-based developers Rilea Group and Ciprés have negotiated the $1.19 million sale of a 702-square-foot retail space on the ground floor level of the joint venture’s newest development, The Rider Residences, a 12-story, 146-unit luxury condominium set to rise at 94 NE 29th Street at the crossroads of Miami’s Midtown and Wynwood neighborhoods. The retail space, which was purchased by Sunkan LLC, sold for approximately $1,700 per square foot, marking a record-high price for both the Midtown and Wynwood neighborhoods, according to CoStar. Construction of The Rider is expected to begin later this year as initial site work gets underway. The project’s groundbreaking is slated for early 2025, with delivery expected in late 2026.
Andres Andrade and Jake Lecce of Cervera Real Estate, The Rider’s exclusive sales and marketing brokerage, represented the development team in the transaction, while Ivana Trachter of EXP Realty represented the buyer.
“This sale is more than a milestone for us; it represents a pivotal moment for Wynwood,” said Diego Ojeda, President of Rilea Group and Owner of Ciprés. “As a proud member of the Wynwood Business Improvement District, I have the unique privilege of witnessing and adding to the remarkable evolution of this dynamic neighborhood first-hand. We’re excited to see The Rider continue to attract forward-thinking investors and businesses that share our vision for the future of Wynwood.”
Sunkan’s Alejandro Kacheroff is the owner of OPTIUSA, a luxury optical company that manufactures and sells high-end glasses and optical products, as well as the recently opened Michelin-recognized Italian restaurant Ossobuco in Wynwood.
"Wynwood is a place where creativity meets culture, and it's the perfect home for OPTIUSA's next chapter. Purchasing a retail space at The Rider is not just about expanding our brand – it's about becoming part of a dynamic community. I look forward to bringing our luxury eyewear to a neighborhood that shares our passion for quality, craftsmanship, and innovation,” said Alejandro Kacheroff, Owner of OPTIUSA.
Designed by Miami-based architecture firm Deforma Studio, with interiors by award-winning design studio RADYCA, The Rider will offer fully furnished turn-key studios, 1-, 2-, and 3-bedroom residences, with select floorplans featuring dens and half baths, measuring between 386 and 1,612 square feet in size. Prices range from the $400,000s to upwards of $1.8 million.
The Rider will serve as a launchpad into South Florida’s most popular communities with Wynwood’s upcoming high-speed rail station set to rise just one block away on 27th Street, connecting riders to a new regional transportation system with car-free access to popular destinations including Aventura, Fort Lauderdale, Boca Raton, West Palm Beach, Orlando, and more.
The Rider is a joint venture between Rilea Group and Ciprés, a newly formed real estate development firm led by Rilea Group President Diego Ojeda, which specializes in delivering exquisite residential projects throughout South Florida with a focus on refined elegance and innovative design. Ciprés is also currently developing a 324-unit multifamily development in Port St. Lucie at 3043 SE Port St. Lucie Boulevard, just minutes from downtown Port St. Lucie, downtown Stuart, and the beaches of the Treasure Coast.
Rilea Group is also developing the adjacent property to The Rider – Mohawk at Wynwood, a 12-story, 300-unit multifamily development with 31,000 square feet of ground-floor retail located at 56 NE 29th Street.
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