Real Estate News

Developer pays $41.5 million for Wynwood block

A view of the site in Wynwood that sold for $41.5 million.
A view of the site in Wynwood that sold for $41.5 million. Google Maps

Real estate investment firm Thor Equities has paid $41.5 million for an entire block in Wynwood.

The 100,000-square-foot site runs from Northwest 28th Street to Northwest 29th Street along Northwest Second Avenue. It had been the site of Lehman Pipe & Plumbing Supply, a distributor of industrial piping products, and has an address at 2800 NW Second Ave. in Miami.

New York-based Thor plans to redevelop the property, which lies in an industrial area that has become the city’s newest arts hub.

“The already burgeoning Wynwood Art District is primed for a mixed-use, residential rezoning that will spur further development, and accelerate its ongoing transformation from an underutilized industrial area into a true live-work-play community,” Joseph Sitt, chief executive of Thor, said in a statement.

In May, the firm paid $26.9 million for a nearby 105,000-square-foot parcel at 2801 NW Third Ave. It also owns properties in the Design District and South Beach.