Thor Equities has filed plans with the city of Miami for a new mixed-use development that would include 306 apartments and 88,000 square feet of commercial and hotel space, The Real Deal has learned.
The development is planned for 2 acres of property that includes 252, 268 and 286 Northwest 29th Street and 2801 Northwest Third Avenue. New York-based Thor Equities paid $29 million for nearly the entire block last year. The site currently houses vacant warehouses.
Thor’s partner on the project is New York-based Rockwood Capital, according to a source familiar with the deal.
Plans call for a 12-story project that would include four levels of parking, including one that would be underground, with a total of 705 parking spaces. Also planned: a pedestrian passage that would connect Northwest 28th Street and Northwest 29th Street.
Touzet Studio is designing the project. The source familiar with the project told TRD the small-sized apartments will be targeting millennials. Delivery is expected in 2018.
Rendering of Wynwood project
As part of the 57-page filing with the city, Thor Equities is requesting four waivers: 90 percent lot coverage; 10 percent parking reduction; cross-block pedestrian Paseo/Passage and floorplate size above 8th story.
“The project is active and diverse and the design reflects the industrial character of Wynwood, and also provides moments for art to occur and places to gather with thoroughfares connections for people to live, play and work, on and off the street,” Steven J. Wernick, an Akerman attorney representing Thor, wrote in a letter to the city’s zoning administrator. “The project will provide much anticipated residential and commercial components currently lacking in this area of Wynwood.”
Joe Sitt’s Thor Equities has been targeting Wynwood for property purchases in recent years. Thor’s Wynwood portfolio also includes 2800 Northwest Second Avenue, a 100,000-square-foot site with 45,000 square feet of retail space; and 2722 Northwest Second Avenue, a single-story retail property with 5,000 square feet on a 10,000-square-foot lot. The firm also leases two retail spaces at 250 Wynwood which it has sub-leased out to upcoming tenants Federal Donuts and Crudos Fusion Sushi.
Across the street from 250 Wynwood, East End Capital just announced a mixed-use project with a 289-unit apartment tower called Wynwood 25 that will also target millennials. The 400,000-square-foot project is planned to include 31,000 square feet of ground floor retail and 340 parking spaces.