The Real Deal Miami

Lennar pays $17M for Wynwood Yard, O Cinema site

Homebuilder is planning an 11-story, 189-unit mixed-use apartment building
By Keith Larsen | January 18, 2019 04:45PM

Stuart Miller and Wynwood Green

Lennar Corp. paid $17 million for a site in Wynwood that’s currently home to the popular Wynwood Yard and the O Cinema movie theater.

A subsidiary of the giant homebuilder purchased 1.26 acres at 48, 56, 64, 70, 82, 90 and 98 Northwest 29th Street, as well as 63 Northwest 28th Street, property records show. David Lombardi, principal of Lombardi Properties and one of Wynwood’s pioneering land owners, sold the site.

Lennar is planning to build an 11-story, 189-unit apartment building as part of a development called Wynwood Green. Wynwood Green will also include nearly 17,000 square feet of commercial space and 324 parking spots. The properties surround a site owned by The Related Group and Tony Cho, records show.

Wynwood Yard is one of the more well-known attractions in the trendy arts district. The outdoor venue features an array of food and beverage concepts and a performance stage. O Cinema is a nonprofit independent movie theater that operates out of a converted warehouse.

Both properties are expected to be shut down. Wynwood Yard is planning to open a new site in Downtown Doral in the spring of 2019.

Lennar became the largest homebuilder in the country last year after it acquired CalAtlantic in a deal worth about $9 billion.