Sterling Bay pays $19M for Wynwood site, plans mixed-use project

Companies tied to attorney Scott Srebnick sold the assemblage

Miami /
Dec.December 18, 2018 05:30 PM

Sterling Bay’s Andy Gloor and a rendering of 545wynn

UPDATED, Dec. 19, 9:38 a.m.: Sterling Bay just bought a Wynwood site for $18.9 million with plans to build an ambitious 10-story, mixed-use development.

The Chicago-based investment firm purchased the 63,000-square-foot property at 537-557 Northwest 26th Street and 530-550 Northwest 27th Street. Companies tied to Scott Srebnick, an attorney and husband of Wynwood developer Jessica Goldman Srebnick, sold the assemblage.

Sterling Bay received approval from the Wynwood Design Review Committee for the project, called 545wyn, in April. Plans include 298,000 square feet of modern Class A office space and 26,000 square feet of retail space.

The building will also include 420 parking spaces and a 18,000-square-foot tenant amenity floor, conference rooms, a wellness center and private tenant and open-air balconies.

The project is designed by the San Francisco-based architecture firm Gensler. It is expected to break ground by the first quarter of 2019.

CBRE is the exclusive office leasing partner for 545wyn, according to a release.

In Chicago’s West Loop, Sterling Bay has developed the global headquarters for McDonald’s. It also has plans to develop a $5 billion, 70-acre mega project in Chicago called Lincoln Yards.

A number of new projects are planned or have been recently constructed in Wynwood. Los Angeles-based CIM Group and One Real Estate Investment are planning to build a 12-story mixed-use project at 2201 North Miami Avenue. And earlier this month, Quadrum Global bought a 30,000-square-foot property at 2217 and 2233 Northwest Miami Court, which could bring Wynwood its first hotel.

Goldman Properties also just completed the first parking garage in Wynwood at 301 Northwest 26th Street.

An earlier version of this story incorrectly identified the square footage of the land. 


Related Articles

arrow_forward_ios
From left to right: David Edelstein, Nick Perez, Alex Karakhanian, Scott Sherman and Ben Mandell with the location (Google Maps, Related, Getty)
David Edelstein, Related and partners plan resi project on former RedSky property in Wynwood
David Edelstein, Related and partners plan resi project on former RedSky property in Wynwood
(Facebook via Wynwood 25 and Joe's Pizza)
Lease roundup: New York pizzeria opening at Wynwood 25, logistics provider heading to Davie & more
Lease roundup: New York pizzeria opening at Wynwood 25, logistics provider heading to Davie & more
Robert Finvarb and Abraham “Abie” Hidary with the site at 2534 North Miami Avenue (Koniver Stern Group)
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
The Dorsey project by Related Group in Wynwood and 2600 Sawgrass Mills Circle (Google Maps)
Lease roundup: New York hedge fund takes Miami space for second HQ, Sushi Maki expands to Fort Lauderdale
Lease roundup: New York hedge fund takes Miami space for second HQ, Sushi Maki expands to Fort Lauderdale
Developers of Society Wynwood mixed-use project scores $142M construction loan
Developers of Society Wynwood mixed-use project score $142M construction loan
Developers of Society Wynwood mixed-use project score $142M construction loan
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...