Steps from Wynwood Walls, Related and other developers drop $27M on prime empty lot
The Related Group and three other developers have scooped up a corner lot in Wynwood for $26.5 million, according to a spokesperson for Related.
The empty adjacent lots, located at 2700 NW Second Ave., are now in the hands of Related, The TriStar Capital, LNDMRK and Tricera. The properties were acquired from SV 2700 Owner LLC.
Located on Wynwood’s main corridor, the project is walking distance from the Wynwood Walls and Coyo Taco.
Project details remain a mystery, but will soon be announced, said Nick Pérez, Related’s vice president.
“The Related team is excited to be part of such a monumental partnership of current Wynwood owners,” Pérez said in a statement. “As a group, we are committed and bullish on the future of the neighborhood and look forward to sharing more details on this project soon.”
All four firms either completed or have projects in the pipeline in the trendy neighborhood. Most recently in August, TriStar Capital alongside RAL Development closed on a warehouse for $13 million, the final piece in its $200 million office project. The project is a five-minute walk from this week’s purchased lots.
“When we started investing here in 2013, we always envisioned the explosive growth that is currently taking place,” said David Edelstein, president of TriStar. “Looking forward, every indication points to these trends continuing. We look forward to continuing to play a role in the neighborhood’s evolution.”
The project follows a wave of development in the area since the pandemic, including the 76-room Mr. Krymwood hotel and the 225-unit apartment rental community Mohawk at Wynwood. Since COVID-19, billionaire Moishe Mana’s dormant Mana Wynwood also took a step forward.
This story was originally published September 22, 2021 at 5:19 PM.
