W South Beach owner gobbles up more land for Wynwood resi project
2-acre site can be developed into 370-unit, 365K sf residential building
TriStar Capital’s David Edelstein paid $6.5 million to add a chunk of land to his growing assemblage along a booming stretch of Wynwood, The Real Deal has learned.
The New York and Miami Beach developer acquired the nearly 22,000-square-foot site at 97 and 101 Northwest 24th Street. Property records show the seller is Abby LLC, led by Larry Hellring.
Ari Dispenza of Central Commercial Real Estate brokered the deal.
The properties include a 4,700-square-foot building leased to FreeDOGm, a dog daycare center. They last sold for $610,000 in 2003.
In all, Edelstein’s assemblage now totals about 95,000 square feet of contiguous land. Property records show companies tied to Edelstein’s TriStar Capital have spent nearly $15 million for lots and buildings on 24th and 25th streets between 2013 and now.
Arquitectonica is designing plans for a residential development on the land, according to Edelstein. He said he’s about two years away from building on the site, but preliminary plans call for a 365,000-square-foot residential building with up to 370 units.
On the same block, other property owners include Redsky Capital, East End Capital and Alex Karakhanian.
TriStar renovated some of the existing buildings that are part of the assemblage. Touzet Studio, an architectural firm, is among the tenants.
“We like the [adaptive reuse] model and could always continue to do that,” Edelstein said.
Edelstein owns the W South Beach, in addition to more land in Wynwood. LeBron James’ Unknwn, a men’s fashion retailer, is expected to open at one of his properties in November.
Last year, Edelstein went under contract to spend $32 million to buy a large assemblage west of his latest purchase with plans to develop into a mixed-use project on Fifth Avenue.
Development is booming in Wynwood, where major players include the Related Group, Sterling Bay, East End Capital and others.
Property Markets Group and its partner Greybrook Realty Partners recently closed on a $46 million purchase of a 1.6-acre assemblage at 2431 Northwest Second Avenue. There, they plan to build an apartment, hotel and retail complex with co-living units.