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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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