The Related Group has acquired two more acres in Miami’s Wynwood neighborhood, a 50-block arts corridor undergoing a residential boom.
Related bought 2801 NW 3rd Ave. for $32 million from Rockwood Capital of New York. The site last sold in 2015 for $26.9 million as part of a two-property portfolio deal, according to CoStar data.
The land is zoned for up to 12 stories and 310 residential units, according to DWNTWN Realty Advisors, the Miami brokerage representing both the buyer and seller in the latest sale.
Related, which bought the property in a joint venture with Alex Karakanian of Miami, has not disclosed its plans for the lot, but Vice President Jon Paul Perez told CoStar News in August that the builder had two Wynwood sites under contract for a total of 600 rental units.
Related already has opened one apartment community in Wynwood, the 289-unit Wynwood 25, and has two more in the pipeline. In all, the developer would have more than 1,200 units in the neighborhood, Perez said at the time.
The former industrial area has rebounded since the early 2000s, when art galleries moved into the neighborhood and street art and murals started drawing crowds. Restaurants and cafes followed, and now developers are building residences and offices. Wynwood also will be the site of a 12,000-square-foot esports arena.
The revitalized neighborhood attracts locals and tourists alike, making it one of South Florida's most talked about redevelopments, Devlin Marinoff, managing partner of DWNTWN Realty Advisors, noted in an interview.
"It’s hitting all the demographics,” he said.
For the Record
Tony Arellano of DWNTWN Realty Advisors worked with Marinoff on the sale.
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