The Real Deal Miami

Rockwood and Thor sell Wynwood development site for $6M

Parking lot could be developed into retail or hotel
By Katherine Kallergis | April 05, 2018 04:30PM

A conceptual rendering of what could be built on the site

Rockwood Capital and Thor Equities sold a development site in Wynwood for $5.85 million, according to property records.

Thor Weck Owner LLC sold the 14,750-square-foot parking lot at 285, 275 and 269 Northwest 27th Terrace to RRR Wynwood LLC, a company controlled by Martin Miculitzki. It can be developed into single-story retail or an eight-story hotel with up to 98 keys, according to the listing brokers, Dwntwn Realty Advisors principals Tony Arellano and Devlin Marinoff.

The site was listed for sale in June for $6.75 million, which means it sold for a 13 percent discount. Arellano said the deal closed quickly after a five-day due diligence.

Gaston Miculitzki of BM2 Realty represented the buyer. He declined to comment on the buyer and its plans.

The property was originally part of Thor and Rockwood’s larger assemblage that includes the 2.1-acre property at 2801 Northwest Third Avenue, which hit the market last year asking $45 million.

Records show Thor Weck Owner LLC paid $26.9 million for the assemblage in 2015. The company received site plan approval a year later for the Wynwood Plant, a 12-story, mixed-use residential building with roughly 300 units, retail space and parking on the bigger site.

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 that are now under construction.