What’s the Deal? | Rilea Group & Diego Ojeda | Developing The Rider
by Traded MediaShare
National
What initially drew you to the Wynwood / Midtown area and led to the decision to develop The Rider?
My fascination with the area dates back several years. I’ve always been very intrigued by the neighborhood, especially the nexus where both connect. In 2021, we acquired a city block on 29th Street between North Miami Avenue and the train tracks to lay the foundation for two different projects. One of them is called “Mohawk at Wynwood” and the other is called The Rider. When we bought the site for The Rider, it was announced that a train station will also be built on 27th Street. So, being just 85 yards away from the future train station at the time, I called the project The Rider because you can ride the train, and in essence, “the wave of life.” You can hop on and go to Fort Lauderdale, West Palm Beach and Orlando and in the future, hopefully beyond. You can go to Disney World if you want to, without ever needing a car.
The Rider has a unique rock-n-roll theme to it. What inspired this idea and can you elaborate on the design?
Growing up, I had a poster for the movie Easyrider on my bedroom wall and it created an affinity for motorcycles and the culture of the 1970s, so I gave the building’s architecture and common areas that twist. We collaborated with two large print photo galleries - Morrison Hotel Gallery and Iconic Images and purchased signed collector photographs of rock-n-roll and Hollywood icons like the Rolling Stones, Tina Turner, David Bowie, Brigitte Bardot, Jimi Hendrix, Clint Eastwood, and Paul Newman to deliver a truly vibrant atmosphere that encapsulates the spirit from that decade with a modern twist. Our sales center displays this art, along with pieces by Italian artist Marco Grassi and Russell Young. I’ve always admired what Studio 54 owner and pioneer Ian Schrager has done in real estate with his unique hotels.
Apart from the incredible design details, what additional features makes The Rider stand out from other developments in the area?
From rooftop pool lounges to state-of-the-art spas, we've curated an array of amenities for residents and guests. The luxury condominium building will feature “The Vinyl” listening room with an Italian Brionvega handcrafted limited edition HiFi system that plays classic rock tunes — only 20 of them are made a year. Another standout amenity is the “The Reset” room, designed to enhance one’s well-being, with multiple cold plunge pools, infrared saunas, and IV therapy – ensuring that you can keep living like a rockstar.
Additionally, The Rider will have no rental restrictions, allowing condo owners to rent out their units, which can be especially lucrative during high season in Miami. There are plenty of Airbnb buildings in Miami, but they’re usually tiny micro rooms that feel temporary. We collaborated with high-end interior designer Adriana Hoyos to ensure that every residence at The Rider is furnished to perfection, giving residents the option and comfort to also live in the unit all year long. Each condo will also feature a full kitchen, walk-in closet, and balcony. Another unique amenity is the fleet of Harley Davidsons and Vespas on site that will be available to rent out.
What do you think gravitates people to the area that The Rider is located in?
We’re ideally located at the crossroads of Wynwood, Midtown, Design District and Edgewater. Close by, there’s a combination of residential, retail and offices of top companies like Sony Music, Spotify, Live Nation, Atomic. The majority of the Latin American tech community is concentrated here along with VC titans like Peter Thiel. MIAX plans to operate a 38,400-square-foot trading floor in Wynwood. There’s also lots of great shopping, from top grocery stores such as Trader Joe’s and the upcoming Whole Foods, to high-end retail like Louis Vuitton, Tom Ford, and more just a few blocks away at the Design District. New restaurants, ranging from casual to Michelin-quality, are opening up all the time within walking distance of The Rider. You really have everything at your doorstep when living here.
The development's integration of art, culture, and luxury is truly commendable. How do you envision the future of Wynwood, and how does The Rider contribute to its evolution?
Wynwood has emerged as a dynamic hub of creativity and innovation, attracting both residents and businesses alike. With The Rider, we aim to further enhance the neighborhood's allure by offering a unique living experience that celebrates its artistic heritage. By blending modern luxury with vintage charm, we hope to contribute to the continued growth and vibrancy of Wynwood, setting a new standard for urban living in the process.
How did you finance the deal?
For our neighboring development, Mohawk at Wynwood, our firm, Rilea Group, crowdfunded a large part of our equity, $16 million for the acquisition and redevelopment of the site through RealtyMogul.
As for The Rider, we’re currently in the pre-sale process of taking reservations. Once we reach about 50% of the units this fall, we’ll be breaking ground on the development and will also be working with top lenders to secure a construction loan.
Did you experience any hurdles wrapping up the deal?
It’s certainly a challenging environment to secure financing in, but thanks to Rilea Group’s track record of successfully delivering The Bond on Brickell; 1450 Brickell Office Tower, home to J.P. Morgan’s headquarters; One Broadway luxury apartment tower; and the Sabadell Financial Center, we’re confident that we’ll be closing the deal to move forward with construction for The Rider.
Finally, could you share any insights or advice for aspiring developers looking to enter the real estate industry, based on your own journey and experiences?
My journey into real estate was unconventional, stemming from a background in film production. However, the logistical and creative aspects of filmmaking were transferable to the development side of real estate. For aspiring developers, I would recommend gaining experience working at established firms and immersing yourself in every aspect of the industry. Learn from the best, build a strong network, and never underestimate the power of perseverance. Real estate is a challenging yet rewarding field, and with dedication and determination, anything is possible.
Traded Student Ambassador Program
This interview was conducted through Traded’s Student Ambassador Program in collaboration with Thomas DeRuvo of Rutgers University & Julie Berman.
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