The Real Deal Miami

RedSky Capital pays $400 psf for vacant land in Wynwood

Lots last sold for an average of $138 psf

November 24, 2015 11:15AM
By Katherine Kallergis

  • Print
David Polinsky of Fortis Development, a street view of the site and Ben Bernstein of RedSky Capital

David Polinsky of Fortis Development, a street view of the site and Ben Bernstein of RedSky

Fortis Development Group sold a vacant development site for $400 per square foot to Brooklyn-based RedSky Capital, Miami-Dade County records show.

In October, Fortis completed 250 Wynwood, a six-story building with 11 residential units. The firm, led by David Polinsky Bradley Carlson and Andrew Lenahan, sold the 14,625-square-foot site at 222, 230 and 234 Northwest 24th Street.

Polinsky declined to comment on the transaction.

RedSky Capital paid $5.85 million for the vacant land, according to a deed recorded in Miami-Dade County on Monday. It’s located on the same block as Panther Coffee and Coyo Taco, west of Northwest Second Avenue. Fortis acquired the properties between 2013 and January for a combined $2.025 million or $138 per square foot, according to Miami-Dade property records.

RedSky has holdings in Wynwood and the Design District.

In January, RedSky and London-based JZ Capital Management paid $11 million for a 0.3-acre site at 2407 Northwest Second Avenue across the street from Panther. In June, it purchased purchased a building that fronts Northwest Fifth Avenue and Northwest 25th Street for $6 million. The same partnership paid $26 million for the retail building at 2621 Northwest Second Avenue, which is now occupied by Wynwood Shades.

In October,  a slate of changes to zoning and land use designations allowing for denser residential developments on roughly 205 acres in Wynwood went into effect.

And in the Design District, Redsky and JZ are the second largest property owners. They paid $28 million in March for the building at 35 Northeast 40th Street, which housed the popular Oak Tavern restaurant, as well as a building nearby for nearly $30 million.

MENU