Construction crews at 94 NE 29th Street in Wynwood celebrated a major milestone this month as The Rider Residences, a 12-story, 146-unit condominium tower developed by Ciprés and Rilea Group, topped off. The achievement marks the completion of the building's structure, with the last concrete slab poured on schedule, and sets the project on a path toward completion in the second half of 2027.
The topping off comes after developers secured a $90 million construction loan in September 2025 from Mexico's Banco Inbursa, a bank tied to billionaire Carlos Slim, arranged by Franklin Street, according to Commercial Observer. The outlet reported the capital package followed strong presales, giving the developers financial runway to push the project past its structural phase. As Florida YIMBY reported, the development team marked the occasion with a celebration alongside construction crews, and Diego Ojeda said the project reached the milestone on schedule.
A Boutique Tower Rooted in 1970s Design
The Rider Residences is designed by Deforma Studio, which incorporated industrial influences into the architecture, with interiors by RADYCA drawing on 1970s design and midcentury references, per Florida YIMBY's reporting. The building's aesthetic blends SoHo-style brick-and-steel design with licensed rock-and-roll photography from Morrison Hotel Gallery and Iconic Images Gallery, a detail Commercial Observer also highlighted as central to the project's branding. Homes will range from 386 to 1,612 square feet, including fully furnished studios, one-, two-, and three-bedroom residences, and penthouses, with prices spanning $550,000 to $2.4 million.
Interiors will feature Bertazzoni appliances, Cosentino Dekton countertops, Italkraft cabinetry, and smart-home technology, and select penthouse and lanai residences will offer Restoration Hardware furnishings. The building will include roughly 11,000 square feet of ground-floor retail and rooftop food-and-beverage space. A 702-square-foot slice of that retail space was pre-sold in 2025 for $1.19 million to an entity linked to local restaurant and wholesale operator Alejandro Kacheroff, Commercial Observer reported, an early sign of commercial demand along the corridor.
Amenities Built for a Jet-Setting Crowd
Amenities lean into the rock-and-roll theme, with a soundproofed speakeasy and lounge called the Leopard Room separated from residences by the garage level, plus a residents lounge, gated bicycle room, rooftop swimming pool, and fitness facilities that include cold plunges, infrared saunas, and a marble Turkish hammam. Residents will also have access to motorcycle and bicycle rentals and a private beach club in Miami Beach's South of Fifth neighborhood. Alicia Cervera Lamadrid, whose firm Cervera Real Estate handles exclusive sales and marketing, said The Rider was selected for people who love a bold aesthetic and travel often.
The development team held an event at the project's sales gallery on September 9, and sales have reached 50 percent, according to the development team, with buyer interest coming from Europe, South America, California, and New York. The building will permit short-term rentals, and Milo will provide crypto-backed mortgages to buyers, while Propy will facilitate closings and The Rider Living will offer optional property and rental management. Commercial Observer reported that at least two buyers used wallet-to-wallet cryptocurrency payments during pre-construction sales before October 2025, part of a broader trend of Miami emerging as a hub for crypto-backed real estate deals.
What Buyers Need to Know About Renting Nightly
Anyone hoping to cash in on the tower's short-term rental flexibility will still need to clear several regulatory hurdles. Operating a short-term rental condo in the City of Miami requires a Florida DBPR vacation rental license, a local business tax receipt, and a Miami-Dade County Certificate of Use before listing on nightly rental platforms, according to Keycafe. Florida state law allows local zoning compliance while preempting outright bans on short-term rentals, per the same source, meaning buyers drawn to the flexible rental model will need to navigate multiple layers of paperwork across state, county, and city agencies before listing a unit.
A Bigger Push Along NE 29th Street
The Rider Residences sits within a larger transformation of the block. Property records show Rilea Group acquired the 0.6-acre site for $12.2 million in 2021 before buying out former joint-venture partner Promanas Group for $21 million in 2024, financed through an $11.5 million mortgage from Altamar Financial Group, according to The Real Deal. Just down the block at 56 NE 29th Street, Rilea Group is developing Mohawk at Wynwood, a 12-story, 300-unit multifamily building with 31,000 square feet of ground-floor retail and 3,500 square feet of offices, and construction on that project is set to begin this month, according to Diego Ojeda. The Real Deal reports the developer secured $150 million in construction financing for Mohawk in January 2026, including a Florida-record $124.2 million in C-PACE financing from Nuveen Green Capital.
Coverage identifies Alan Ojeda and President Diego Ojeda in connection with Rilea Group. The Bond and Ciprés also appear in discussions of the developers. In previously reported Hoodline coverage, the same developers proposed transforming a $3.45 million county-owned lot at 20 NE 29th Street into The Boxer, a 14-unit affordable housing building, in exchange for a $10 land transfer, a proposal that also included an $800,000 contribution to local educational scholarships.
Transit Plans Add to the Corridor's Appeal
Beauchamp Construction is serving as the general contractor for The Rider Residences, which sits near Wynwood, Midtown, Edgewater, and the Miami Design District. The site sits roughly 85 yards from NE 27th Street, where Miami-Dade County plans a commuter rail station as part of its $927 million, 13.5-mile Northeast Corridor Rapid Transit Project along Florida East Coast Railway tracks, according to Miami-Dade County. The planned line will connect Downtown Miami to Aventura with five intermediate stops, positioning the block as a future transit hub even as construction continues around it.
