Thor Equities is beginning construction on its planned retail and restaurant development Wynwood Walk, after securing construction financing, The Real Deal has learned.
New York-based Thor won approval from the Wynwood Design Review Committee in May for the project at 2800 Northwest Second Avenue, to be built on 2.3 acres the firm owns in the artsy neighborhood.
The developer recently scored construction financing from Bank of the Ozarks, a bank spokesperson confirmed, but declined to provide the amount.
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 the property it owns between Northwest 28th Street, Northwest Second Avenue and Northwest 29th Street.
When completed, Wynwood Walk, designed by Oppenheim Architecture, will feature a total of 63,000 square feet of new retail and restaurant space, including 6,000 square feet on a green rooftop, with a paseo and a landscaped terrace with outdoor seating. It will have 300 feet of frontage on Northwest Second Avenue.
A Thor spokesperson said site work is beginning this week, and construction is scheduled to be completed in November 2018. Thor’s George Stanchfield is handling leasing. No contracts have yet been signed, the spokesperson said.
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 was formerly the 68-year home of Lehman Pipe & Plumbing Supply.
In September 2016, Thor put the property on the market for an undisclosed price. But according to an application it filed earlier this year with the Wynwood Design Review Committee, the real estate firm later had a change of heart.
Thor owns several other properties in Miami, including 2722 Northwest Second Avenue and 250 Northwest 24th Street in Wynwood; 70 Northeast 39th Street and 120 Northeast 39th Street in the Design District, and 605 Lincoln Road, 663-667 Lincoln Road and 852 Collins Avenue in Miami Beach.
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 for the neighborhood 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.