PMG and partner pay $46M for site of planned Wynwood mixed-use development

PMG and Greybrook planning 220 apartments, hotel, rooftop bar and restaurant, retail space

Aug.August 20, 2019 08:45 AM
PMG's Ryan Shear and 2431 Northwest Second Avenue

PMG’s Ryan Shear and 2431 Northwest Second Avenue

UPDATED, Aug. 20, 11:15 a.m.: Property Markets Group and its partner Greybrook Realty Partners are betting big on Wynwood.

The two firms closed on a $46 million purchase of their first development site in the trendy neighborhood, The Real Deal has learned. The 1.6-acre assemblage at 2431 Northwest Second Avenue will be transformed into an apartment, hotel and retail complex.

The deal is the largest sale in Wynwood so far this year, according to brokerage Avison Young.

The seller was the Doris D. Friedopfer Trust, records show. The land sold for nearly $660 per square foot.

PMG is joining a number of major developers that have projects planned, underway or completed in Wynwood. Goldman Properties, Lennar Corp., Related Group, East End Capital, Block Capital Group, Kushner Companies and others are among them.

PMG and Greybrook’s mixed-use project will include more than 220 apartment units, a hotel component, a rooftop bar and restaurant, and 38,000 square feet of retail space. Tricera Capital, led by Scott Sherman and Ben Mandell, is expected to purchase the ground-floor retail component of the planned development.

The two partners will co-develop the land under a new apartment brand that’s expected to launch in the coming months, according to a release.

Avison Young’s John K. Crotty, Michael Fay, David Duckworth, Brian de la Fé and Myles Stepner brokered the deal. Peter L. Desiderio of Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., and attorney Laura Bourne Burkhalter of Laura Bourne Burkhalter, P.A. represented the sellers.

PMG hinted that the new apartment line may be similar to its X Social Communities co-living brand, which has locations at X Miami in downtown Miami and at PMG and Greybrook’s Las Olas project, expected to begin leasing in the coming months.

X Miami, a 32-story, 464-unit building at 240 Northeast Fourth Street, includes a portion of units set aside for The Guild Hotels, a tech-oriented, boutique hotel group. The building is heavy on amenities and smart home features.

PMG and Greybrook’s Wynwood assemblage partially fronts Northwest Second Avenue, near Wynwood mainstay Panther Coffee. Behind Panther, RedSky Capital built Cube Wynwd, an office building with ground-floor retail space. Across the street is the recently completed Wynwood 25, a 285-unit rental project with retail space that Related co-developed with East End Capital at 252 Northwest 25th Street.

PMG and Greybrook plan to break ground on their mixed-use apartment building next summer. The two companies have worked together in the past, and are planning to build the Waldorf Astoria Hotel & Residences Miami in downtown Miami along with S2 Development.

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