The Real Deal Miami

Rockwood, Thor list Wynwood site for $45M

Zoning allows for 12 stories, 311 resi units and more than 60k sf of retail space
By Katherine Kallergis | October 12, 2017 11:30AM

The property at 2801 Northwest Third Avenue in Wynwood (Credit: Metro 1 and Whitehall Realty Group)

Rockwood Capital and Thor Equities are looking to cash in on a large development site they own in Wynwood.

The 2.1-acre property at 2801 Northwest Third Avenue is on the market for $45 million with Whitehall Realty Group’s Devlin Marinoff and Metro 1 Commercial’s Tony Arellano, the brokers said.

Property records show Thor Weck Owner LLC paid $26.9 million for the site in 2015. The Thor affiliate received site plan approval last year for the Wynwood Plant, a 12-story, mixed-use residential building with roughly 300 units, retail space and parking.

It’s zoned T6-8-O and is in the Wynwood Neighborhood Revitalization District, which means up to 12 stories, 311 residential units and more than 60,000 square feet of retail space can be built on the site. Marinoff said the property is the only available Wynwood site with high density along the pedestrian corridor.

Land values have soared in Wynwood. After the neighborhood was rezoned in 2015, developers rushed to submit proposals for a number of mixed-use projects.

In May, Thor won approval to develop Wynwood Walk, a new retail project on a 2.3-acre site on a property it owns between Northwest 28th Street, Northwest Second Avenue and Northwest 29th Street.

This summer, the Related Group and East End Capital broke ground on their Wynwood 25 apartment building and the adjacent Wynwood 25 Annex, an office building.