RedSky Capital nabs Wynwood site for $6M

Miami /
Jun.June 22, 2015 10:30 AM

Brooklyn-based RedSky Capital added to its Miami portfolio with a building in Wynwood, according to Miami-Dade County records.

RedSky purchased the 13,245-square-foot property at 2501 Northwest Fifth Avenue for $6 million last week. The single-story building, which fronts Northwest Fifth Avenue and Northwest 25th Street, is one block west of the Wynwood Walls, Warby Parker and jugofresh.

This year, RedSky and London-based JZ Capital Management purchased the building at 35 Northeast 40th Street in the Miami Design District, which housed the popular Oak Tavern restaurant, for $28 million. The same buyers also acquired a nearby building at 1 Northeast 40th Street for $29.25 million.

Cheun Ho Im and Hea Cha sold the latest property, an 11,821-square-foot building, constructed in 1955. A previous sales price was not available in county property records.

In Wynwood, RedSky and JZ Capital in January paid $11 million for a 0.3-acre site at 2407 Northwest Second Avenue across the street from Panther Coffee, property records show.

The recent acquisition is zoned for light manufacturing, and although property owners and developers are currently required to file individual applications to change industrial designations in the neighborhood, that may soon change. The city of Miami Planning, Zoning and Appeals Board unanimously approved a slate of changes to zoning and land use designations that would allow denser residential developments on roughly 205 acres in Wynwood at a meeting last week. The recommendations still need to be finalized by the city commission.

The board also recommended approving Wynwood as the city’s first Neighborhood Revitalization District, which will encourage builders to create wider sidewalks, pedestrian walkways within large projects, provide financial incentives to developers who preserve warehouses, and make it easier to construct affordable housing.


Related Articles

arrow_forward_ios
Rendering of Cube Wynwd
Kissaki restaurateur to open first Miami outpost in Wynwood
Kissaki restaurateur to open first Miami outpost in Wynwood
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)
Iconiq buys Related and Block Capital’s Wynwood apartments for $77M
Iconiq buys Related and Block Capital’s Wynwood apartments for $77M
Renderings of Wynwood Haus with TSG Managing Partner Camilo Lopez and Lineaire Group Partner Diego Bonet (Lineaire Group)
Bridge Investment joins Wynwood Haus multifamily development group
Bridge Investment joins Wynwood Haus multifamily development group
Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)
Related scores $88M construction loan for Dorsey project in Wynwood
Related scores $88M construction loan for Dorsey project in Wynwood
Ben Bernstein and Ryan Shear with a rendering of the project at 2407 Northwest 2nd Avenue, Miami (RedSky, PMG, Google Maps)
PMG adds to assemblage of planned Society Wynwood project
PMG adds to assemblage of planned Society Wynwood project
Goldman Properties' Jessica Goldman Srebnick with 2501 Northwest 5th Avenue and the lot at 413 Northwest 25th Street, Miami (Getty, iStock)
Goldman Properties buys Wynwood property for discounted $5M
Goldman Properties buys Wynwood property for discounted $5M
Pharrell Williams and David Lerner with a photo of 2545 Northwest Third Avenue and a rendering of the Billionaire Boys Club exterior (Getty, Google Maps, Lerner Family Properties)
Pharrell’s Billionaire Boys Club to open store in Wynwood
Pharrell’s Billionaire Boys Club to open store in Wynwood
Angel Febres, partner, Homecookin’ Hospitality and Metro 1 Managing Director Andres Nava
Wynwood nightclub building hits the market
Wynwood nightclub building hits the market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...