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Thor Equities Lists Wynwood Dev Site For $32M

Thor Equities is listing a Wynwood assemblage that’s primed for a hotel, retail and restaurant development. Asking price: $32 million.

The New York-based firm, led by Chairman Joe Sitt, retained Tony Arellano and Devlin Marinoff with DWNTN Realty Advisors to market the five contiguous empty parcels at 2724 Northwest Second Avenue, 208 Northwest 28th Street and 229, 235 and 245 Northwest 27th Street.

“It is the last remaining development site on that side of Second Avenue,” Marinoff said. “Four years ago, this site was in a desert. Now it’s come a long way.”

The 0.7-acre assemblage comes with development rights for an eight-story hotel with 211 rooms, 19,705 square feet of retail and a 12,106-square-foot rooftop terrace, according to the offering. Development site prices in downtown Miami and surrounding neighborhoods are skyrocketing, with buyers paying about $16 million an acre last year, according to Colliers.

“Retail rents on Second Avenue are north of $120 a square foot,” Marinoff said. “You get more than $30 million in value on just the retail.”

In 2014, a Thor affiliate bought the vacant lot at 2724 Northwest Second Avenue for $1.9 million, records show. A year later, The firm acquired the other four parcels as part of a $41.5 million deal for a larger assemblage that included a 100,000-square-foot site at 2800 Northwest Second Avenue that had been the headquarters for Lehman Pipe & Plumbing Supply for 68 years.

Thor redeveloped the Lehman Pipe property into Wynwood Walk, a 63,000-square-foot retail and restaurant complex that is adjacent to the vacant lots hitting the market, Marinoff said. The assemblage is also next door to the site that the Related Group, David Edelstein’s Tricap and Alex Karakhanian’s Lndmrk Development are co-developing into the NoMad Wynwood Residences condo-hotel. The partnership paid $26.5 million for the site at 2700 Northwest Second Avenue last year.

Marinoff said Thor had drawn up plans to develop its assemblage, but the company’s primary focus is retail and industrial, rather than hotels.

Thor is also looking to shed two Miami Design District properties the firm owns. In April, Thor listed the former U.S. Post Office building at 66-70 Northeast 39th Street for $80 million. And Last year, Thor put on the market a retail building currently leased to luxury retailer Stefano Ricci at 120 Northeast 39th Street. The asking price was not disclosed.


Source:  The Real Deal

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David Edelstein, Related And Partners Plan Resi Project On Former RedSky Property In Wynwood

David Edelstein’s TriStar Capital, Related Group, Alex Karakhanian’s Lndmrk Development and Tricera Capital paid $26.5 million for a development site where they plan to build a residential project.

Chinese firm Seven Valleys, led by real estate moguls Zhang Xin and Pan Shiyi, sold the nearly 1.3-acre property anchored at 2700 Northwest Second Avenue in Miami’s Wynwood neighborhood. Seven Valleys had been the lender for the property, which previously belonged to RedSky Capital and JZ Capital Partners, whose planned developments never came to fruition.

TriStar and its partners plan to build “well over” 300 residential units on the site, Edelstein told The Real Deal. They could break ground in about 10 months, he said. The venture secured a roughly $20 million loan from Comerica Bank.

Edelstein said the market for new development in Wynwood is “on fire” and that there is very little undeveloped land left.

The development site sold at a loss compared to its $31 million sale to RedSky and JZ in 2016. The previous owner, Wynwood pioneer Goldman Properties, had planned a mixed-use development with 72 residences, 68 hotel rooms, about 11,000 square feet of ground floor retail and 47,000 square feet of offices.

In Wynwood, Related, Karakhanian and Tricera are partnering to develop another project, called the Dorsey Wynwood, at 2801 Northwest Third Avenue. They broke ground earlier this year. The project will have more than 300 rental apartments, commercial space, office space and amenities.


Source:  The Real Deal

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