Want to bank on Wynwood? A developer is crowdfunding $20 million for a rental project

Investors have their chance to bank on real estate in Wynwood.

The Brickell-based development firm Rilea Group has launched a $20 million crowdfunding campaign through the Los Angelesbased investment firm RealtyMogul for the apartment rental project Mohawk at Wynwood, according to Rilea Group President Diego Ojeda.

The 12-story Mohawk at Wynwood would deliver 225 units at 28-84 NE 29th St. and 59-79 NE 28th St. by 2025. The site includes the neighborhood hot spot Morgans restaurant, Art Miami headquarters, JanLife exotic-car-rental headquarters and Crossfit Wynwood.

Morgans will relocate in the neighborhood, according to Barclay Graebner, the restaurant’s owner. Representatives for Art Miami and JanLife declined to comment on relocation plans. Crossfit Wynwood did not immediately respond a request to comments.

The Rilea Group is expected to acquire the land from 29th Street Warehouse LLC in July for $22 million.

Sitting on 1.5 acres, the building would have retail and restaurant space on the ground floor. Amenities would include shared work spaces, a communal chef’s dining room and a rooftop pool.

Investors are expected to put at least $35,000 into the project, Ojeda said by email. Rilea Group aims to raise $40 million in private capital, half of which will come from investors with RealtyMogul and others through individuals and families whom the development firm knows. The firm would return capital to their investors about five years after it undergoes the permitting, construction and the leasing process.

RealtyMogul raised $10 million in April, Ojeda said.

“Some investors will unfortunately get left out if they don’t move fast,” he said. “Investors are coming from all over the country. Miami is on fire and they want a piece of it.”

Rilea Group has 40 years of developing projects in South Florida, including J.P. Morgan’s headquarters at 1450 Brickell and the condominiums The Bond at 1080 Brickell Ave. and One Broadway at 1451 S. Miami Ave. Mohawk at Wynwood will be its first project in the neighborhood.

Mohawk Wynwood is one of many residential projects planned for Wynwood. Projects in the works include the 306-unit condominium the Dorsey and a 200-unit co-living apartment building.