The Real Deal Miami

Thor Equities proposes Wynwood Walk, a new retail and restaurant development

Project to include a new building with 20k sf, plus three renovated warehouses with 37k sf

Renderings of Wynwood Walk. Inset: Joseph Sitt

UPDATED May 9, 3:25 p.m. New York-based Thor Equities just won approval to develop Wynwood Walk, a new retail project on the 2.3 acres it owns in the red-hot neighborhood.

Thor plans to build a new-two story building with 20,400 square feet of commercial space and renovate three existing warehouses with another 36,884 square feet of commercial space on property it owns between Northwest 28th Street, Northwest Second Avenue and Northwest 29th Street, according to an application filed with the Wynwood Design Review Committee. The new building will have ground-level retail space, with restaurant space on the second level, as well as a large terrace and green roof.

The Wynwood committee approved the proposal on Tuesday, according to a Thor spokesman.

Thor, led by Joseph Sitt, paid $41.5 million for the entire block in September 2015, giving it the missing piece to complete an assemblage of one square block. It marked the largest deal ever in Wynwood at that time. The 100,000-square foot site at 2800 Northwest Second Avenue was formerly the 68-year home of Lehman Pipe & Plumbing Supply. The property currently includes five existing buildings totaling 45,000 square feet. It also features 300 feet of frontage on Northwest Second Avenue and a 16,500-square-foot parking lot.

Last September, Thor put the property on the market for an undisclosed price. But according to its application, the real estate firm has had a change of heart and now plans to develop the site at the northern boundary of Wynwood. The design for the overall 57,284-square-foot project will be “a juxtaposition of the historic and modern, linked by public gathering space,” according to the application.

Just to the west of the proposed Wynwood Walk, Thor plans to build Wynwood Plant, a 12-story building with 306 rental units and nearly 67,000 square feet of commercial space. “This common ownership creates an exciting opportunity for cohesive redevelopment in Wynwood as a true live-work-play destination,” according to the application.

In Wynwood, Thor also owns retail space at 250 Northwest 24th Street, as well as a property at 2722 Northwest Second Avenue.

Wynwood, known for its artsy vibe, is booming with new retail stores, restaurants and planned multifamily developments. Among retailers are Warby Parker, Illesteva and Marine Layer. New restaurants include Wynwood Diner and KYU. The area is also home to art galleries and one of the largest open-air street art installations in the world including Wynwood Walls, creative offices and showrooms.

Mixed-use developments planned include Wynwood 26, to be developed by the Related Group and Block Capital Group. The project at 51 Northwest 26th Street will have 174 apartments and 35,800 square feet of commercial space on the ground floor. Also, East End Capital is planning Wynwood 25, a 400,000-square-foot project with 289 apartments, 31,000 square feet of ground floor retail and 340 parking spaces at 339 Northwest 24th Street.