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PMG and Lndmrk partnering on Wynwood Norte condo project
Alex Karakhanian’s firm sold a single-family home, a duplex, triplex, small apartment building and three vacant lots for $20M
Property Markets Group and Lndmrk Development are teaming up on a Wynwood Norte condo project following a $20 million deal for a seven-property assemblage, The Real Deal has learned.
An entity managed by New York and Miami-based PMG’s managing partner, Ryan Shear, acquired the assemblage from an entity managed by Miami-based Lndmrk’s Alex Karakhanian, according to records and Vizzda. The properties are at 112-138 Northwest 30th Street and 119-137 Northwest 29th Street.
PMG and Lndmrk will be 50-50 partners in developing the site into a condominium, a source familiar with the deal said. The joint venture is still hammering out details of the project, the source added. A Wynwood Norte zoning overlay would allow for the development of a mixed-use building up to 12 stories.
In 2022, Lndmrk paid a combined $11.1 million for the assemblage, which includes three vacant lots, a single-story apartment building with eight units, a single-family house, a duplex and a triplex, records show.
Wynwood Norte is the moniker for an emerging neighborhood north of Northeast 29th Street between Wynwood and Midtown Miami. Historically, the neighborhood has primarily been a collection of single-family homes and low-rise apartment buildings and rental houses geared toward low-income families. In recent years, developers and real estate investors have keyed in on Wynwood Norte properties for redevelopment.
New York-based Rose & Berg Realty Group completed one of the first projects in Wynwood Norte. The Gateway at Wynwood, a 12-story office building with 25,900 square feet of retail at 2916 North Miami Avenue, opened last year.
In January, L&L Holding Company, Oak Row Equities, San Francisco-based Shorenstein Properties and Marcelo Claure’s Miami-based Claure Group nabbed a $215 million construction loan for Wynwood Plaza at 95 Northwest 29th Street. The partnership is developing the 1-million-square-foot office, apartment and retail project.
Since 2021, Alex Bogomolni’s ABH Developer Group has paid more than $35 million for land in Wynwood Norte. In May, ABH unveiled its strategy to start construction on 13 multifamily projects with 24 to 150 units by the end of the year.