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Lynd buys Miami Worldcenter multifamily dev site for $30M

Land is approved for a 650-unit apartment project

E11even co-owner Marc Roberts and Lynd President and CEO David Lynd and aerial of the development site at 941 North Miami Avenue (Google Maps, Sonya Revell, Lynd, Getty)
E11even co-owner Marc Roberts and Lynd President and CEO David Lynd and aerial of the development site at 941 North Miami Avenue (Google Maps, Sonya Revell, Lynd, Getty)

Lynd Living bought a Miami Worldcenter development site for $30 million from a company managed by E11even nightclub co-owner Marc Roberts and Titan Capital’s Ira Saferstein.

The San Antonio-based firm is the latest multifamily developer to join the roster of apartment builders at the $4 billion master-planned mixed-use project spanning 27 acres in the Park West section of downtown Miami.

A Lynd affiliate acquired the nearly 0.5-acre site on Northwest 10th Street and North Miami Avenue, and obtained a $22.7 million mortgage from TIG Romspen US Master Mortgage, records show. Kevin O’Grady and Justin Neelis with Concord Summit Capital arranged the financing, and the firm has been retained by Lynd to secure a construction loan, according to a press release. Concord Summit also brokered the sale.

Attorneys Michael Gallinar and Jason Camps with Miami-based law firm Adams Gallinar represented the seller, IRR Parkwest Investments, led by Roberts and Saferstein.

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The development site is approved for a 650-unit apartment project. “We are planning a residential tower,” said Lynd CEO David Lynd. “We are keeping it under wraps for now. More details will come as we get ready to go to market.”

The vacant lot was part of a 1-acre assemblage IRR acquired in 2020 for $26.7 million, records show. Roberts and Saferstein still own the remainder of the land. Roberts is a former boxing promoter who in the early 2000s was an initial investor in the Miami Worldcenter project with master developers Art Falcone and Nitin Motwani.

In March, New York-based Naftali Group and Cara Real Estate Management paid Chicago-based Akara Partners $40.5 million for a 1-acre Miami Worldcenter development site at 1016 Northeast Second Avenue. Naftali, led by CEO Miki Naftali, is planning two residential towers, but the firm has not disclosed if the buildings will be apartments or condos.

In February, WeWork co-founder Adam Neumann scored a $108 million construction loan for a new apartment tower on a vacant lot at Miami Worldcenter. It is adjacent to Caoba, a 40-story multifamily building at 698 Northeast First Avenue. Neumann bought the development site and Caoba’s ownership entity.

Tags
Dev SitesMarc RobertsMixed-useSouth Florida Multifamily Market