The Salvation Army sold its property in the Wynwood area of Miami to a developer for $18 million.
The nonprofit sold the 34,200-square-foot parking lot at 18 N.W. 23rd St. to Alchemy-ABR-BCP Wynwood LLC, in care of Alchemy-ABR Investment Partners in New York.
Israel Discount Bank of New York provided a $12 million mortgage to the buyer.
The price equated to $526 a square foot of land.
It’s located just west of the Wynwood Square mixed-use project.
According to an analysis of the development potential of the site by Miami-based Deepblocks, the property could be developed with 118 residential units in up to 12 stories.
Wynwood was transformed from an industrial area to a center for street art, restaurants and entertainment. After the city approved more density there, there was a boom of multifamily, office and retail construction in the neighborhood.
Alchemy Properties is best known as a condo and apartment developer in New York. Brian Ray, managing partner of the firm, said they plan to build high-end multifamily rentals in Wynwood.