Developer Rock Soffer acquired more land for a planned project in Wynwood.
An entity led by Soffer compensated $7.8 million for a third of an acre at 119 Northwest 24th Street in Miami final 7 days, according to Metro 1 broker Juan Andres Nava. Nava and Bernardita Banfi of the exact same firm brokered the off-market Wynwood deal.
A corporation managed by Elias and Aida Mitrani sold the residence. Information display the entity compensated $3.3 million for the lot in 2015. It consists of 3 properties totaling 6,600 square ft.
In late 2022, Soffer paid $13.1 million for the homes at 127 and 135 Northwest 24th Avenue and 128 and 138 Northwest 25th Road with programs for a blended-use lodge venture with spouse AJC Companions. A enterprise led by Luis L. Bacardi marketed those plenty.
With each other with the most recent acquisition, the enhancement web page now totals underneath 1 acre, data present.
Soffer is a member of the Soffer loved ones actual estate dynasty that contains siblings Jackie Soffer, CEO of Turnberry Associates, and Jeffrey Soffer, CEO of Fontainebleau Growth.
Nava explained the purchase past week gives Soffer the ability to construct an additional 50 residential models or 100 lodge keys as of correct. With bonuses, the developer could create another 75 household models or 150 resort rooms. A bigger web page could make the project more economically feasible.
“Of study course, economies of scale function a good deal far better,” Nava claimed, adding that, “Getting a lot more frontage alongside 25th Avenue enhances the retail of the all round job.”
Some builders are getting added density through air ideal transfers, while other folks are growing their progress assemblages. In December, Melo secured a density transfer permitting for another nearly 1,000 residential models at a prepared improvement web page in downtown Miami’s Arts & Amusement District.
The zoning in Wynwood permits Soffer to develop a 5-tale creating, or eight-story developing with bonuses.
Soffer was not promptly available for comment. When he acquired the adjacent assemblage extra than a 12 months in the past, Soffer explained he prepared a hotel with a food items and beverage part.
Nava reported a handful of projects are being completed, contacting it “an inflection point” for Wynwood.
To the west, PMG and Greybrook Realty Partners are finishing Culture Wynwood, a approximately 300-unit condominium creating at 2341 Northwest 2nd Avenue. Retail tenants involve Bodega Taqueria, Dave’s Scorching Rooster, Starbucks, Chama De Fogo and Nacho Daddy.
Leasing is also underway at AMLI’s Wynwood creating to the east, at 70 Northwest 25th Road, according to Apartments.com.
