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

TRD MIAMI /
Sep.September 10, 2019 04:30 PM
The Wynwood property and David Edelstein

The Wynwood property and David Edelstein

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.


Related Articles

arrow_forward_ios
Paseo de la Riviera and Brent Reynolds

Developer completes $225M Paseo de la Riviera mixed-use project

Developer completes $225M Paseo de la Riviera mixed-use project
Jonathan Shechtman from Axonic and Herve Barbera from Bar, with 4860 Sandstone Lane

Bar Invest pays $56M for West Palm apartments

Bar Invest pays $56M for West Palm apartments
David Edelstein, George Gleason and 918-920 Lincoln Road (Google Maps)

Bank OZK seeks to foreclose on David Edelstein’s Lincoln Road buildings

Bank OZK seeks to foreclose on David Edelstein’s Lincoln Road buildings
Asi Cymbal and a rendering of the project

Asi Cymbal closes on multifamily dev site in Dania Beach

Asi Cymbal closes on multifamily dev site in Dania Beach
Housing Trust Group CEO and President Matt Rieger and renderings of the project (City of Hollywood)

Hollywood approves multifamily affordable housing project

Hollywood approves multifamily affordable housing project
Foyer Wynwood and Jonathon Yormak

East End Capital scores approval for co-living project in Wynwood

East End Capital scores approval for co-living project in Wynwood
Brad Hargreaves

Common managing Nuveen apartment buildings in Fort Lauderdale, LA

Common managing Nuveen apartment buildings in Fort Lauderdale, LA
From left: Erik Rutter, David Weitz, David Levinson and Robert Lapidus, with 95 Northwest 29th Street (Credit: Google Maps)

Luxury office, resi project planned for former Rubell museum in Wynwood

Luxury office, resi project planned for former Rubell museum in Wynwood
arrow_forward_ios

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

Loading...