Bazbaz Development can finally scratch a seven-year itch and move forward on a mixed-use project that’s been in the works in Wynwood.
An affiliate of the New York-based developer paid $12 million for 1.5 acres at 2134 North Miami Avenue, records show. The seller is an entity managed by Brett Lang, a commercial real estate investor who heads Miami Beach-based Centric Capital, according to his LinkedIn profile.
In 2003, Lang’s affiliate paid $1.7 million for the six vacant parcels, which are currently used as temporary parking lots.
Bazbaz is planning two interconnected buildings with 229 apartments and 79 extended stay hotel rooms according to Bazbaz’s website. The project will also include 45,000 square feet of office, 18,000 square feet of retail and 293 parking spaces.
In 2015, the Miami Urban Design Review Board approved Bazbaz’s architectural plans, which show an eight-story building and 12-story building connected in a L-shape. Bazbaz’s project is adjacent to another development site where The Related Group is also planning a two-building mixed-use complex.
Source: The Real Deal