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ABH Developer Group Completes Development Site Assemblage In Wynwood Norte, Becomes Largest Stakeholder In The District

ABH Developer Group, a rapidly growing, fully integrated real estate firm, announced the acquisition of two duplexes located at 84-86 NW 32nd St. and 90-92 NW 32nd St. to complete an acre assemblage within the Wynwood Norte district in Miami.

The purchase was made through Wyn Garden North, LLC, a subsidiary of ABH Developer Group led by Alexis Bogomolni. Closing took place May 11th. The acquisition completes ABH Developer Group’s assemblage in the Wynwood Norte district, which includes the purchases of 3129 NW 1st Ave., 3131 NW 1st Ave., 75 NW 31st St., 79 NW 31st St., 85 NW 31st St., and 93 NW 31st St., bringing the total purchase price of the assemblage to $10,125,000.

ABH Developer Group is the largest property owner in the Wynwood Norte District, having assembled a total of 180,000 square feet since 2021. The firm has 13 projects ranging from 24 to 150 units in various stages of development just within the Wynwood Norte boundaries. ABH is planning to transform the assemblage into a multifamily development to serve the growing demand for attainable housing options in Miami.

“We were attracted to Wynwood Norte for its prime location adjacent to the Wynwood Arts District, Miami Design District and Midtown Miami and recognized this as an emerging area for significant development,” said Bogomolni, CEO, ABH Developer Group. “More importantly, we saw an opportunity to create a new mix of attainable housing options for working families and young professionals. We knew that by amassing a collection of properties and creating several high-quality developments, our team could make a greater impact, contribute to the revitalization of this vibrant and diverse neighborhood, and hopefully serve as a catalyst for further development.”

The Wynwood Norte district is bordered by I-95 to the west and North Miami Avenue to the east, and Northwest 29th Street to the south and I-195 to the north. Given its walkability to many art, cultural and entertainment and dining destinations and its recent zoning overhaul, the neighborhood is poised for significant development.

ABH Developer Group has been working closely with The Wynwood Community Enhancement Association (Wynwood CEA), a guided effort by the community and diverse neighborhood stakeholders, to help further its mission to restore and grow the neighborhood’s housing stock, make neighborhood improvements and enhance the quality of life for current and future residents. As an advocate and one of the largest stakeholders in the district, ABH Developer Group is committed to contributing to the NRD-2 Public Benefits Trust Fund for the long-term. The Fund was established to support reinvestment and supplement affordable and workforce housing, public parks and open spaces, and civic space or civil support space within Wynwood NRD-2.

Founded in 2021 and headquartered in Miami, ABH Developer Group is focused on residential and commercial ground-up development in South Florida. The firm’s portfolio features a mix of garden-style and mid-rise developments with over 750 units in the pipeline. This marks the 12th acquisition made by ABH Developer Group in the last 12 months. Current projects under construction include: Hollytown, a 24-unit townhome development in Hollywood, and a 28-unit rental building located at 3422 NW 5th Ave. in Wynwood Norte.

ABH Developer Group is led by an executive management team with decades of experience, including in-house expertise in development, acquisitions, finance, design, management, marketing, sales, and leasing.


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Centner Academy Owners Assemble Land In Wynwood

The controversial owners of Centner Academy in Miami are assembling land in Wynwood Norte.

Entities tied to David and Leila Centner acquired the adjacent parcels at 3442 and 3490 Northwest Second Avenue for $4.7 million in January, records show. The lots total 0.2 acres and include a 7,660-square-foot building the Centners have been using as storage for the school.

They also own the 0.8-acre property at 3465 Northwest Second Avenue. State records show attorney Jamie Mandel, who represents the Centners on their real estate deals, now manages the company that owns the 12,000-square-foot school building. A deed transfer has not been recorded.

Real estate investor Babba Joshua Yesharim’s BHBH LLC sold the properties at 3442 and 3490 Northwest Second Avenue. Yesharim’s company paid just $275,000 for the lots in 2011, marking a 16-fold price increase in 12 years.

Yesharim said his parcels were on the market for $5.5 million, and that the Centners canceled their contract to buy the lots. After receiving offers from other buyers, he approached the Centners to see if they were still interested, and they negotiated the latest deal.

The Centners will likely use their properties to expand their Centner Academy school, which has locations at 4136 North Miami Avenue, near the Miami Design District, and at 1911 Northeast Miami Court.

Yesharim said the Centners are also building an apartment project down the street from the Wynwood Norte assemblage, just south of Roberto Clemente Park. Property records show a company managed by Coral Gables-based ABH Developer Group paid about $7.5 million for the land at 3311 and 3327 Northwest Second Avenue and 182 Northwest 34th Street. ABH Developer Group did not respond to a request for comment.


Source:  The Real Deal

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Miami Approves New Zoning For Neighborhood Near Wynwood

A neighborhood on the north side of Wynwood has been rezoned, with the hopes of spurring more investment and redevelopment in the area.

The City Commission unanimously approved the Wynwood Norte rezoning plan on March 25. The plan covers 140 acres west of Midtown Miami and north of Wynwood. The largest pocket of development would be on Northwest 36th Street, the north side of Northwest 29th Street and North Miami Avenue. The new zoning would allow up to eight stories of mixed-use development, or five stories for purely residential.

With more flexible parking requirements under the new zoning, it would be easier to build two- and three-story apartment buildings and small retail spaces. A fourth story could be added for projects with 20% affordable housing.

The rezoning process was largely driven by residents of the neighborhood, who advocated for the creation of the Wynwood Norte Neighborhood Revitalization District with this legislation. While Miami’s overall population has grown in recent years, the population in Wynwood Norte has fallen by nearly 50% since 1985. There are many vacant lots, so the hope is the new zoning will encourage more building to welcome new residents and businesses.


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A Government-Owned Lot Near Wynwood Is Up For Grabs. These Five Developers Want it.

Miami-Dade wants a library and county offices in Wynwood Norte — and is putting its land into the deal. Five local developers now are vying for the action.

Three adjacent county-owned parcels in the city of Miami, at the northwest corner of Northwest 29th Street and Northwest Second Avenue, just across the street from Midtown Miami, are up for bid as part of the Request for Proposal issues in July by the Miami-Dade Strategic Procurement Division, according to the county solicitation page on BidSync. The deal comes with a 50-year lease and the potential for two 20-year renewals.

Under the RFP, the developer must incorporate a total of 10,000 square feet for a public library and office space for county officials on the site, currently home to the De Hostos Senior Center. The site covers almost an acre.

In the running: New Urban Development, Integra, Related Urban Group, Buslam and the South Florida Community Land Trust. All submitted proposals by the early November deadline. The county will select the firm by January 2021.

Only Integra agreed to comment for this article.

The firm envisions a $50 million mixed-use development on the site, said Jake Morrow, head of Integra Investments’ Interurban. The 12-story, 265,000-square-foot project would include 14,000 square feet of ground floor retail space, a second floor with a 5,000-square-foot library and 5,000 square feet of county office space. The tower would feature 160 affordable housing units for seniors and income-limited workforce housing apartments.

Integra partnered with the Sunrise-headquartered Elderly Housing Development & Operations Corporation, or EHDOC, on the proposal. The two firms also are co-developing an affordable housing community for seniors in Allapattah.

In recent years, developers have zoomed in on the Wynwood area, with a flurry of office, residential and mixed-use projects, including 545 Wyn, Wynwood Green and Wynwood Square. In October, Miami commissioners approved a neighborhood-led development plan for Wynwood Norte and a new streetscape plan for Wynwood.


Source:  Miami Herald

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