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Wynwood Site Seized In $30M Foreclosure Judgment

A development site in Miami’s Wynwood Arts District has been seized by a lender following a $29.8 million foreclosure judgment.

Gamma FL Wynwood LLC, in care of New York-based Gamma Real Estate, won the foreclosure auction in September against New York-based Wynwood Gateway II LLC based on a $23 million mortgage, plus interest and fees. The lender submitted the high bid of $250,100 at the Oct. 17 foreclosure auction by utilizing credit from its judgment. That means ownership of the 27,650-square-foot property, at 166 and 179 N.W. 29th St., plus 169 and 179 N.W. 28th St., will transfer to Gamma FL Wynwood.

 

Source:  SFBJ

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Wynwood Development Site Targeted In $23M Foreclosure

A developer that hoped to build a co-living apartment complex in Miami’s Wynwood Arts District has been hit with a $23 million foreclosure lawsuit.

Gamma FL Wynwood LLC, in care of New York-based Gamma Real Estate, filed a foreclosure complaint May 5 against New York-based Wynwood Gateway II LLC. It targets the 27,650-square-foot property at 166 and 179 N.W. 29th St., plus 169 and 179 N.W. 28th St. It has a four-unit apartment complex, but the site is mostly vacant.

The Collective, a New York-based co-living company that offers dorm-style residences, announced plans in 2019 to build its first Miami location on all five of those lots. It followed that up in 2021 by submitting a detailed site plan featuring a 12-story building with 108 apartments, 70 hotel rooms, 9,508 square feet of commercial space and 163 below-grade parking spaces. However, construction never commenced.

According to the complaint, Gamma issued the $23 million mortgage to Wynwood Gateway II in 2019. The loan matured June 30, 2021, without being repaid, and the borrower owes the full amount of principal, plus interest.

Both design services firm Bliss & Nyitray and law firm Wernick & Co. have pending lawsuits against Wynwood Gateway II over alleged nonpayment for services they provided for the Collective project. The developer has yet to respond to either lawsuit and was declared in default by the court.

 

Source:  SFBJ

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The Collective Unveils Plans For ‘Co-Living’ Building In Wynwood

The Collective has unveiled plans for its first co-living project in South Florida within a mixed-use building in Miami’s Wynwood Art District.

The city’s Wynwood Design Review Committee will consider the project at 2825 N.W. Second Ave. during its April 14 meeting. The 41,750-square-foot lot is owned by Wynwood Gateway II LLC, an affiliate of the Collective, a co-living operator based in New York, London and Berlin. The project would replace an auto showroom currently on the site.

The Collective first announced its intention to develop the site in 2019, but it hadn’t put forth a specific description of the project until now.

The building would total 351,443 square feet, with 12 stories along 29th Street and eight stories on 28th Street. It would have 108 apartments, 70 hotel rooms, 9,508 square feet of commercial space, and 163 below-grade parking spaces. As for the units, the hotel rooms range from 330 to 1,049 square feet. The apartments would range from 1,083 square feet with four bedrooms to 2,395 square feet with six bedrooms.

 

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