New York companies RAL development and tri cap unveiled plans for a two-building office complex in Miami’s Wynwood neighborhood.

the Architecture-project designed, called LYNQ Wynwoodwill offer 246,000 square feet of office space and 23,000 square feet of retail space on the ground floor.

The two eight-story buildings will be located across from each other at the intersection of NW 5th Avenue and NW 27th Street. Tricap purchased the parcels, which together span 1.6 acres, for a combined $31 million in 2018 and 2021, property records show.

Once approvals are obtained, construction is expected to begin this fall, a spokesperson for the joint venture said. The spokesperson declined to say whether the companies blocked funding for the construction.

RAL and Tricap eyes development of Wynwood’s growing financial and tech scene, such as hedge funds Schonfeld as well as venture capital companies Atomic and Founders Fund.

“LYNQ Wynwood is entirely focused on the needs of established technology and financial companies moving to or expanding into the Wynwood neighborhood, in addition to startups and start-ups,” Josh Weingeneral manager of RAL, said in a statement.

The project follows a series of development announcements as the profile of the neighborhood grows.

Just a block away, Tricap is development the first one NoMad Hotel-brand co-ownership. Goldman Propertieswhich helped revitalize Wynwood in the early 2000s, plans to build a nine-storey office, also suitable for creative people.

Julia Echikson can be contacted at [email protected].