The Real Deal Miami

Thor wants to flip Wynwood site after buying it for $42M in 2015

Listing says 12-story project with up to 368 residential units could be built on the site
September 12, 2016 12:15PM

Development site for sale and Joseph Sitt

Outlined in red is the development site for sale, and in purple where Thor Equities proposed a mixed-use apartment building. Inset: Joseph Sitt

Thor Equities is looking to sell the Wynwood site of the former Lehman Pipe & Plumbing Supply after spending $41.5 million to acquire it a year ago. 

The deal was one of the largest to date in Wynwood, Thor said last year.

The property at 2800 Northwest Second Avenue, a 100,000-square-foot site, includes five existing buildings totaling 45,000 square feet, and also features 300 feet of frontage on Northwest Second Avenue and a 16,500-square-foot parking lot. Now, Thor has it on the market along with the land at 2724 Northwest Second Avenue, which it bought in 2014 for $1.9 million.

Cushman & Wakefield and Ackman-Ziff are co-listing the 2.46-acre development site, the South Florida Business Journal first reported. The listing said zoning allows for a 12-story, 742,000-square-foot project with up to 368 residential units and about 76,000 square feet of retail space. Cushman & Wakefield’s Robert Given, Troy Ballard and James Quinn and Ackman-Ziff’s Robert Kaplan are the listing agents.

The site has not yet been listed on CoStar, and marketing materials do not disclose a listing price.

The property’s website shows retail rents in Wynwood have risen an average of 31 percent every year since 2011 and rents for new apartments exceeding $3 a foot. A handful of new residential-focused projects have already been proposed for the recently upzoned neighborhood.

Not included in the listing is a property on the same block where Thor plans to build a 12-story, mixed-use residential building. Plans filed with the city show the project at 286 Northwest 29th Street would have 306 residential units, nearly 67,000 square feet of retail space, and 673 parking spaces. The New York-based investor is partnering with Rockwood Capital on that development. [SFBJ] – Katherine Kallergis