The Related Group paid nearly $6.5 million for land in Wynwood where it’s planning to build a mixed-use project, The Real Deal has learned.
Related’s PRH NW 28 LLC closed on the lots at 33, 45 and 51 Northwest 28th Street, property records show. The land totals 20,700 square feet. Jonathan Eismann of Lombardi Properties represented the sellers, three entities managed by Roland Sanchez Medina, in the off-market deal, he said. Jim Fried of Sandstone Realty Advisors represented Related.
The assemblage sold for $312 per square foot.
On the same block, Related and Tony Cho own a 27,600-square-foot development site at 2819 Northwest First Avenue. In between that property and the lots Related just purchased, Lennar owns one parcel; and AG 2017 LLC, controlled by Gregory Blanco, owns another.
In 2016, Related and Cho’s PRH Cho Dragon Wynwood LLC paid $12 million for the site on the west side of the block, in addition to about 25,000 square feet of land on the northwest corner of First Avenue and 28th Street.
Jon Paul Pérez, a vice president at Related, said the firm is planning to build two mixed-use projects on the Related-Tony Cho land and on the land it just acquired. Pérez, who recently joined the Wynwood Business Improvement District board, said Related plans to begin construction of both projects next year. They will be mostly residential, with some office and retail space, and could include micro residential units.
Related is ramping up in Wynwood, where the developer recently completed Wynwood 25, a 285-unit rental project with retail space that it co-developed with East End Capital at 252 Northwest 25th Street. The building is the first new apartment development in Wynwood since the trendy neighborhood was rezoned in 2015.
Pérez said Related is “very bullish on the Wynwood market,” citing the success of Wynwood 25 and a supply of less than 1,000 units under construction in the area. The company is also developing the Bradley, a 175-unit building under construction at 51 Northwest 26th Street, with Block Capital Group.
In the years since large swaths of Wynwood were rezoned, developers have swooped in and started building office, apartment and retail projects.
Earlier this year, Lennar Corp. paid $17 million for land near Related’s latest purchase, at 8, 56, 64, 70, 82, 90 and 98 Northwest 29th Street, as well as 63 Northwest 28th Street, to build Wynwood Green. The 11-story, 189-unit apartment building will have nearly 17,000 square feet of commercial space and parking. That project is being built where the popular Wynwood Yard and the O Cinema movie theater were located.