Two New York developers bought a 3-acre assemblage in Miami’s Wynwood where they plan to build a mixed-use office, retail and residential development on a site that includes the former Rubell Museum.
L&L Holding Company and Carpe Real Estate Partners closed on the 15-parcel assemblage from five sellers in late December, more than a year and a half after going into contract. The deal closed for roughly $53 million, sources said.
Carpe, led by Erik Rutter and David Weitz, developed The Oasis in Wynwood, a mixed-use adaptive reuse project where Spotify has its South Florida headquarters.
L&L, led by David Levinson and Robert Lapidus, recently expanded to South Florida with its new office in West Palm Beach and partnered with Wexford Real Estate Investors and 13th Floor Investments to develop a project in West Palm Beach, near the Brightline station.
The Wynwood project, called Wynwood Plaza, would span 1 million square feet at 31-95 Northwest 29th Street, 2925 Northwest First Avenue and 40-94 Northwest 30th Street in Miami.
The project is in the permitting stage, Rutter said. The city of Miami’s Urban Development Review Board rejected the design at an October meeting, and Rutter said the developers have addressed the board’s concerns in their new design.
The project is expected to include a 266,000-square-foot office building, a 509-unit rental apartment building, and a 25,000-square-foot outdoor public plaza with a paseo at the ground level, where the buildings will connect. Rutter said the project will have the “largest rooftop amenity” of any project in Wynwood and the biggest interior amenity package in the neighborhood. The partners are in talks with office tenants, he added.
The development, designed by Gensler with landscaping by James Corner Field Operations, is expected to have indoor and outdoor restaurants, retailers and art galleries.
The Rubell family sold its former museum site at 95, 81 and 73 Northwest 29th Street; as well as the properties at 64, 72 and 84 Northwest 30th Street. Property records show developer Alex Karakhanian and companies owned by him sold the parcels at 31 Northwest 29th Street; and at 40, 41, 48 and 54 Northwest 30th Street. Karakhanian typically stays on as a minority partner in deals, including a nearby project with the Related Group.
L&L and Carpe also acquired 94 Northwest 30th Street from Luis Muniz and Monica Chuga; 76 and 78 Northwest 30th Street from Alejandro Colome; and 71 Northwest 29th Street from Advanced Video Communications.
Jeff Cohen of Brown Harris Stevens Miami and Phil Gutman, formerly of Brown Harris Stevens Miami, were involved in the deal. Stefano Santoro, who is now with his own firm but was with Miguel Pinto’s Apex Capital Realty at the time of the contract, was also involved.
Rutter of Carpe Real Estate Partners said the developers expect to begin demolition work this month, and pour foundations and go vertical with construction in April. The project could be completed by the fourth quarter of 2023, he said.
The development site also abuts R&B Realty Group’s Gateway at Wynwood project, which was completed last month.