Waldorf Astoria Supertall Developer Acquires Wynwood Site
A 1.1-acre assemblage in Wynwood Norte traded for $20M, with the property set to be developed into condos.
A trust led by Ryan Shear, the managing principal of Property Markets Group, acquired the site, which hosts nine apartments and is partially vacant, the South Florida Business Journal reported. The Wynwood 29th Street Land Trust entity acquired the property from Wynwyn 29 LLC, managed by Alexander Karakhanian of Lndmrk Development.
New York-based PMG and Miami-based Lndmrk are forming a partnership to develop condos on the site, The Real Deal reported, and Karakhanian told the SFBJ he was a joint venture partner in the entity that acquired the assemblage.
The parcels that traded are at 112-138 Northwest 30th St. and 119-137 Northwest 29th St. in the Wynwood Norte neighborhood, nestled between Wynwood’s growing entertainment district and Midtown Miami.
Lndmrk paid a combined $11.2M for the assemblage across three transactions in 2022, according to property records.
No plans have been filed for development, but zoning allows for a mixed-use development of up to 12 stories on the site.
Zoning rules in Wynwood Norte were adjusted last March as part of a grassroots effort among residents to help spur investment in the neighborhood and revise density restrictions that had kept it from seeing new projects, even as Wynwood and Midtown have seen a development boom.
The Wynwood Norte Neighborhood Revitalization District allows for more dense development in exchange for the provision of affordable housing and investments in street lighting, shade trees and sidewalks.
County overlay maps indicate that the PMG and Lndmrk assemblage sits right on the edge of the district, with the 30th Street parcels included, but not the 29th Street parcels.
The project would be the Lndmrk and PMG venture's first in Wynwood Norte, but PMG has also partnered with Toronto-based Greybrook Realty Partners to build Society Wynwood at 172 Northwest 25th St. in the center of the Wynwood Art District.
That 10-story project is being built with a $142M construction loan from Pacific Western Bank and Square Mile Capital. It will include 318 apartments and 50K SF of commercial space that Lndmrk has a contract to acquire once the project is complete, according to the South Florida Business Journal.
Wynwood’s long-running evolution from a district dominated by warehouses into a cultural hub with creative cachet has led to a construction boom in recent years, but developer interest in Wynwood Norte has only materialized more recently.
Miami-based ABH Developer Group announced plans in May to build as many as 13 multifamily projects on 4.1 acres of noncontiguous parcels in the neighborhood that the firm paid more than $35M to assemble starting in 2021, TRD reported.
ABH is led by Alexis Bogomolni, the son of a managing partner at the Aventura-based development firm MG3 Group. Bogomolni is planning to convert single-family homes and vacant lots in the neighborhood into apartment buildings with between 24 and 150 units each.
Evolve Cos., a North Carolina-based developer, is also moving forward on two projects in the neighborhood. It is planning an eight-story, 141-unit apartment building called Evolve Wynwood on a site at 585 Northwest 35th St. that it acquired last September for $9.8M. The developer two months later paid $9M for a nearby site where it is planning an 11-story project with 105 apartments, TRD reported.
