The Rubell Family Collection has just taken out a $16 million mortgage on properties it owns in Wynwood, amid plans to move its well-known art collection to Allapattah.
According to property records, Rubell Family Collection Realty LLC took out the mortgage from Bank of America for seven properties that the family owns in the St. James Park subdivision of Wynwood.
Three lots are located at 73, 81 and 95 Northwest 29th Street. Two others are at 64 and 72 Northwest 30th Street, and the last two are at 2838 and 2925 Northwest First Avenue. Records show the Rubell family paid $450,000 for five of the properties in 1993 and $165,000 for the remaining two properties in 2003.
The Rubells also own the Albion Hotel South Beach at 1650 James Avenue in Miami Beach.
In November, the Rubell family announced that it would move its art collection from 95 Northwest 29th Street in Wynwood to 1100 Northwest 23rd Street in Allapattah. The new museum, designed by Selldorf Architects and built by McKenzie Construction, is slated to open in December 2018 on the 106,800-square-foot warehouse lot.
The family paid $8.4 million for the Allapattah warehouse in March 2016.
“The Wynwood neighborhood — which was factories and warehouses when the Collection moved here 23 years ago — has become a major cultural destination populated by art galleries and institutions, restaurants and boutiques,” Mera Rubell said in a statement last November about moving the art collection to the up-and-coming industrial Allapatah neighborhood. “It is time for us to reimagine our Foundation in a very exciting emerging neighborhood.”