Lynd Group is buying a Miami Worldcenter development site for roughly $35 million, with plans to build a 551-unit condo tower.
The San Antonio, Texas-based firm has the half-acre assemblage on the northeast corner of North Miami Avenue and Northeast Ninth Street under contract, according to sources at Lynd. The land is immediately south of another half-acre site that Lynd owns and plans to develop with 551 apartments. Both towers would be 63 stories and include a total of 100,000 square feet of retail and possibly 20,000 square feet of offices, including co-working spaces, the sources said.
Records show an entity managed by E11even nightclub co-owner Marc Roberts and Titan Capital’s Ira Saferstein owns the site that’s under contract. The addresses of the four-lot assemblage include 21 Northeast Ninth Street and 909 North Miami Avenue.
In 2022, Lynd bought its apartment tower development site at 941 North Miami Avenue for $30 million. The seller of that site also was an affiliate of Roberts and Saferstein, records show.
Lynd, led by CEO David Lynd, joins a growing list of firms rushing to claim their piece and develop at the 27-acre Miami Worldcenter. Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, in partnership with Los Angeles-based CIM Group, are the master developers of the mixed-use megaproject that spans 10 blocks at the intersection of downtown Miami and the city’s Park West neighborhood.
Nearly 8,500 condo and apartment units; 499 hotel keys; and 800,000 square feet of commercial real estate are on tap at Miami Worldcenter, according to The Real Deal’s analysis of records. Already completed are the 444-unit Caoba and 434-unit Bezel apartment towers, the 569-unit Paramount Miami Worldcenter condo tower, and 300,000 square feet of retail.
Others seizing on Miami Worldcenter include Falcone’s eponymously named Boca Raton-based real estate firm, which scored approval last week for a 53-story tower with 351 condos, 280 hotel keys and 15,000 square feet of commercial space at 155 Northeast 10th Street.
Adam Neumann’s Flow real estate firm plans 40,000 square feet of offices and 19,000 square feet of retail space along Miami Worldcenter’s 7th Street Promenade, immediately north of Caoba. Flow also has an ownership stake in Caoba and the adjacent second 40-story, 422-unit Caoba tower, which is under construction.
The Pérez family’s Coconut Grove-based Related Group and the Motwani family’s Fort Lauderdale-based Merrimac Ventures are developing the 33-story, 450-unit The Crosby, a short-term rental friendly condo tower at 601 North Miami Avenue.
Lynd is primarily an apartment developer and investor, though it’s been ramping up its condo development pipeline. In January, it launched sales of its 15-story, 380-unit condo project at 90 North Bryan Road in the Dania Pointe mixed-use development in Dania Beach. Prices for units at the building, called Aileron Residences, range from $350,000 to $2 million.
Lynd and developer Brian Tuttle are building the 401-unit The Villas at Tuttle Royale at 11200 Nicole Drive in the 200-acre Tuttle Royale master-planned project in Royal Palm Beach.