Gindi family plans major Wynwood retail project after $53M property purchase

Project will feature green spaces for both the building's center and its roof

TRD MIAMI /
Oct.October 04, 2016 11:20 AM

2600-2630 Northwest Second Avenue and Isaac Gindi and Raymond Gindi (Credit: Mike Pont/Getty Images)

In one of Wynwood’s largest deals to date, the Gindis, famous for their ownership of the Century 21 Department Store chain, just paid $53.5 million for a chunk of Wynwood property where they are planning a two-story retail development.

The family, acting through their company ASG Equities, bought the buildings at 2600-2630 Northwest Second Avenue just a block away from the Wynwood Walls, according to the Miami Herald. The properties house 41,616 square feet of space and sit on 42,000 square feet of land, so the sale breaks down to more than $1,200 per foot for the land and for the buildings.

The seller was another company controlled by the Mitrani family, the Herald reported, long-time property owners in the neighborhood who switched gears from manufacturing clothes to curating an art gallery in 2008.

Tony Arellano of Metro 1, who brokered the deal along with the Whitehall Realty Group, told the Herald that the Gindi family is now planning a two-story commercial project called Wynwood Park. Its goal, Arellano said, is to adaptively re-use the property’s existing buildings and open a green-space both at the project’s center and on its roof.

The design for Wynwood Park is being finalized by architecture firm MKDA for submittal to the neighborhood’s Design Review Board.

This isn’t the family’s first project in Miami. The Gindis are partnering with Helm Equities to build a mixed-use retail and office building on the former site of a church in the Design District. [Miami Herald]Sean Stewart-Muniz


Related Articles

arrow_forward_ios

Join The Real Deal at its sixth annual Miami Showcase & Forum next week

Tony Cho, Andres Nava and Valerio Morabito with 2143 Northwest First Avenue

Developer Valerio Morabito enters Wynwood market with $9M acquisition

A rendering of Arlo Wynwood

Quadrum Global plans Arlo hotel in Wynwood

From left: Jon Paul Perez, Alex Karakhanian, Tony Arellano and Devlin Marinoff over the site (Credit: Google Maps)

Related Group, Alex Karakhanian and partners drop $32M on Wynwood site

From left: Tony Arellano, Devlin Marinoff and 2729 Northwest Third Avenue

Miculitzki family lists property near Wynwood Walls for $18M

Daily Digest Miami

Target could be coming to North Beach, Related and Atlantic Pacific head to Miami board: Daily digest

Rendering of the Moxy Hotel, Pierre Charalambides and David Grutman (Credit: Kobi Karp)

Wynwood is getting its own Moxy hotel

Daily Digest Miami

Developers clear first hurdle in massive casino redevelopment, FPL fuels up with Homestead farmland for natural gas facility: Daily digest

arrow_forward_ios