Related Group expands into Wynwood, partners with Block Capital Group

Related has a 50 percent stake in project, which totals 1.2 acres

Dec.December 07, 2015 11:15 AM

Carlos Rosso, Wynwood assemblage and Jorge Perez

Updated Monday, 4:15 p.m.: The Related Group purchased a development site in Wynwood, marking the Miami-based firm’s first purchase in the arts and entertainment neighborhood.

A Related affiliate of PRH Investments is partnering with Block Capital Group on the project. Related owns 50 percent of the partnership, which means the firm spent $5.25 million on the ten properties along Northwest 26th and 27th streets.

Block Capital Group, a Miculitzki family and Cabi Developers joint venture, owns the other half and paid $5.25 million for its share of the partnership, Gaston Miculitzki, who brokered the sale, told The Real Deal.

Here are the properties involved in the partnership, which total 52,500 square feet or 1.2 acres:

  • 74, 66, 58, 50, 44 Northwest 27th Street: Vacant lots that last sold in May for $4.6 million
  • 73 Northwest 26th Street: an apartment building that last sold for $1.52 million in September
  • 65 Northwest 26th Street: a single-family house that last sold for $1.1 million in November
  • 51 Northwest 26th Street: an apartment building that last sold for $41,000 in 1976
  • 39 Northwest 26th Street: an apartment building on a double-lot that last sold for $26,000 in 1974

Wynwood Estates LLC, a Aventura-based company led by Martin Miculitzki, was the seller, according to Miami-Dade County records. The land sold for $200 per square foot.

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.

Related has been active in areas such as Brickell, Edgewater, downtown Miami, Miami Beach and Hollywood. Related CEO Jorge Perez, an avid art collector, has been collaborating with Wynwood developer Moishe Mana recently, including hosting a Perez art exhibit at Mana Wynwood last week.

Related could not immediately be reached for comment.

In November, Block Capital Group purchased a retail property bordering Midtown Miami and Wynwood from TriStar Capital.

An earlier version of this story incorrectly identified Related Group as the sole owner of the Wynwood assemblage with a $5.25 million sale price. Related paid $5.25 million for its share of the property. The total sale price was $10.5 million.

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