Goldman Properties sells Wynwood site to RedSky, JZ: $31M

Goldman paid about $3M to acquire the properties between 2004 and 2013

Sep.September 09, 2016 09:45 AM

Goldman Properties has sold a development site along Northwest Second Avenue in Wynwood to RedSky Capital and JZ Capital Partners for $30.75 million, or about $565 per square foot. 

Records show affiliates of Goldman sold the contiguous 1.25 acres of land at 2700 Northwest Second Avenue, 235-257 Northwest 27th Street, and 268-276 Northwest 27th Terrace to RS JZ 2700 NW2 LLC. The parcels include parking lots and a 2,576-square-foot building.

In April 2015, Goldman submitted plans to the city for a mixed-use project on the site with 72 residential units, 68 hotel rooms, retail and office space, and an underground parking garage, according to the Next Miami. Since then, Wynwood has also undergone a slate of new zoning designations that encourage more density, mixed-use and residential developments.

Goldman Properties, led by Jessica Goldman Srebnick, was the first to invest in Wynwood with purchases that were started by the late Tony Goldman, Jessica’s father.

Goldman paid $2.966 million for the properties between 2004 and 2013. They span nearly the entire block between Northwest Second Avenue west to Third Avenue, and Northwest 27th Street and 27th Terrace with the exception of the two westernmost properties.

RedSky and JZ, who have been active investors in the artsy neighborhood as of late, financed the deal with a $21.36 million mortgage from Terra Property Trust Inc. The duo paid $22 million for a portion of the Miami Rescue Mission’s Wynwood assemblage in April.

Earlier this year, RedSky submitted plans for an eight-story residential building next to 250 Wynwood. The Related Group, East End Capital, One Real Estate Investment and Thor Equities are also taking advantage of the area’s recent upzoning with their own plans for mixed-use projects with strong residential components.

On a bigger scale, investor Moishe Mana is planning massive development in Wynwood. Mana’s team and the Wynwood Business Improvement District reached a compromise this week after heated debate over restrictions on his planned project.

An earlier version of this story misspelled Jessica Goldman Srebnick. 

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