New York developer snaps up former Wynwood Rubell site for apartment/office project
The New York firm behind the Sir Norman Foster-designed 425 Park Avenue and Chelsea’s newly approved Terminal Warehouse is coming to Wynwood.
L&L Holding is joint-venturing with private equity and development firm Carpe Real Estate Partners to develop a mixed-use office/ apartment development. The companies have signed a contract for the three acres located at the northeast corner of Northwest First Avenue and Northwest 29th Street, according to a company release. The site incorporates the former location of the Rubell Family Collection, now the Rubell Museum in Allapattah.
Carpe also is developing The Oasis in Wynwood, a 72,000-square-foot mixed-use development. The Oasis will include retail, entertainment and an office complex that will be the new South Florida headquarters for Spotify.
The Oasis is under construction. It is scheduled for completion in late 2020, developers announced last week.
The office and apartment project will be on three acres; area zoning allows up to 800,000 square feet of development.
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“When we entered the Wynwood submarket we were immediately attracted to its character — to the intangible buzz and energy you feel when walking the streets of the neighborhood,” said David Weitz, co-founder of Carpe Real Estate Partners via a release. “Our goal with this project on 29th Street and the Oasis is to preserve that character, and let it inspire our projects’ design and ethos.”
L&L Holding confirmed the deal but declined to comment.
Twenty-year-old L&L Holding is known for high-profile commercial and residential real estate projects in Manhattan, including Terminal Warehouse, 425 Park, 390 Madison, the hotel TSX Broadway near Times Square.
The Wynwood project marks L&L Holding’s first initiative outside of Manhattan.
Several office and residential projects are in the Wynwood pipeline. Office developments include 545Wyn and the Gateway at Wynwood. Experts predict it will take years to fill the slew of new office developments. New living facilities are also growing in the former warehouse neighborhood.
This story was originally published June 24, 2020 at 7:00 AM.
