UPDATED, June 24, 6:20 p.m.: L&L Holding Company is expanding outside of Manhattan for the first time, partnering with Carpe Real Estate Partners in Miami to build a mixed-use project in Wynwood.
The two firms are under contract to buy a 3-acre assemblage anchored by the former Rubell Family Collection property on Northwest 29th Street and First Avenue, according to Erik Rutter and David Weitz, co-founders of Carpe Real Estate.
The joint venture plans to close on the 15-parcel assemblage in about a year, and is working with five sellers, according to Rutter and Weitz. Among them is the Rubell family, which moved its Rubell Family Collection to Allapattah. Both L&L and Carpe Real Estate declined to provide the total purchase price.
Plans for the site include 800,000 square feet of development with a Class A office tower, indoor and outdoor retail space, and a luxury residential building, according to a release.
Jeff Cohen of Brown Harris Stevens Miami and Stefano Santoro of Apex Capital Realty are involved in the deal.
Carpe Real Estate is the developer of the Oasis in Wynwood, a mixed-use adaptive reuse project under construction at 2335 North Miami Avenue. Spotify is anchoring that development, taking all of the 20,000 square feet of office space.
L&L, led by chairman and CEO David Levinson and co-founder Robert Lapidus, is building 425 Park Avenue, a 670,000-square-foot office tower in New York City that’s designed by Norman Foster; as well as TSX Broadway, a $2 billion mixed-use development in Times Square.