RedSky Capital nabs Wynwood site for $6M

RedSky's SoFla holdings include a building near Panther Coffee in Wynwood

TRD 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
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M
From left: Benjamin Bernstein, Pan Shiyi, and Zhang Xin (Credit: Google Maps, Dickson Lee/South China Morning Post via Getty Images)

Lender closes on RedSky and JZ’s Wynwood assemblage

Lender closes on RedSky and JZ’s Wynwood assemblage
Wynwood Works rendering and Udonis Haslem (Credit: Bobby Metelus/Getty Images)

Magellan Housing and Miami Heat star Udonis Haslem to build Wynwood apartment project on city-owned land

Magellan Housing and Miami Heat star Udonis Haslem to build Wynwood apartment project on city-owned land
Peter Vauthy and Red South Beach (Getty)

The Weekly Dish: Red South Beach signs $5M lease for new space & more

The Weekly Dish: Red South Beach signs $5M lease for new space & more
Adam Henick, Stefano Santoro, and Brandon Charnas

Instagram ready: Current Real Estate Advisors expands to Miami

Instagram ready: Current Real Estate Advisors expands to Miami
Concrete Beach Brewery

Dogfish Head to take over Concrete Beach social hall in Wynwood

Dogfish Head to take over Concrete Beach social hall in Wynwood
Foyer Wynwood and Jonathon Yormak

East End Capital scores approval for co-living project in Wynwood

East End Capital scores approval for co-living project in Wynwood
From left: Erik Rutter, David Weitz, David Levinson and Robert Lapidus, with 95 Northwest 29th Street (Credit: Google Maps)

Luxury office, resi project planned for former Rubell museum in Wynwood

Luxury office, resi project planned for former Rubell museum in Wynwood
arrow_forward_ios

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

Loading...