Property Markets Group (PMG) acquired a development site in Miami’s Wynwood neighborhood for $20 million, property records show.
The 1-acre assemblage spans about half a block at 112 NW 30th Street and is home to three single-family homes in the Wynwood Norte Neighborhood Revitalization District. Two years ago, Miami commissioners approved zoning changes to the area in hopes of transforming warehouses into office and apartment-oriented mixed-use projects.
The seller, Lndmrk Development, assembled the seven lots last year, paying $12.5 million in total. PMG plans to erect a condo development with Lndmrk coming on as a joint venture partner, according to a source familiar with the deal.
Source: Commercial Observer