The Real Deal Miami

RedSky Capital nabs Wynwood site for $6M

RedSky's SoFla holdings include a building near Panther Coffee in Wynwood
By Katherine Kallergis | June 22, 2015 10:30AM

2501 Northwest Fifth Avenue in Miami and Ben Bernstein, RedSky Capital principal

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.