PMG adds to assemblage of planned Society Wynwood project

PMG paid $46M for most of assemblage last year

Ben Bernstein and Ryan Shear with a rendering of the project at 2407 Northwest 2nd Avenue, Miami (RedSky, PMG, Google Maps)
Ben Bernstein and Ryan Shear with a rendering of the project at 2407 Northwest 2nd Avenue, Miami (RedSky, PMG, Google Maps)

Property Markets Group closed on more land for its planned Society Wynwood project for $11.5 million.

A joint venture between RedSky Capital and JZ Capital Partners sold the property at 2407 Northwest Second Avenue to PMG. The developer, led by Ryan Shear, Kevin Maloney and Daniel Kaplan, plans to build an apartment complex on the site with partner Greybrook Realty Partners.

Society Wynwood is expected to open in 2022. Amenities will include a gym, coworking spaces, a rotating art gallery and underground audio lounge.

PMG is also behind the 639-unit Society Las Olas in Fort Lauderdale, which opened in May and is 55 percent leased. The 704-unit Society Biscayne in Miami is expected to open late next year.

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PMG and Greybrook paid $46 million for the majority of the Wynwood development site last year.

The RedSky-JZ joint venture bought the 14,000-square-foot property in 2015 for $10.6 million and planned to retrofit the existing 5,000-square-foot building and add onto it.

In August, JZ wrote down its stakes on portfolios in Brooklyn and Miami’s Design District to zero.

Last month, the partnership sold a retail building in Wynwood to Goldman Properties at a discount, and in October, their lender closed on a separate Wynwood site for $26 million, also at a discount from its previous sale price.