Developer David Edelstein sold an assemblage in Wynwood to multifamily giant AMLI Residential, The Real Deal has learned.
Edelstein of New York-based TriStar Capital sold the “45 Winwood” development site to AMLI for $35 million. Together, the properties are zoned for 669,600 square feet and 321 residential units. The assemblage, at 45 Northwest 24th Street, between Northwest Second Avenue and North Miami Avenue, is currently home to five buildings with 41,000 square feet of commercial space.
AMLI plans to develop the land into a mixed-use project with 321 residential units and 45,000 square feet of retail, Edelstein said.
Cushman & Wakefield’s Robert Kaplan, Robert Given, Errol Blumer, Mark Rutherford and Ricky Giles represented TriStar Capital in the deal. Edelstein received interest from Toll Brothers, Hines and Related to purchase the site, he said. AMLI’s plan is “super creative” for the neighborhood, Edelstein added.
Edelstein, who owns the W South Beach, spent about six years assembling the properties. Last year, he paid $6.5 million for the parcels at 97 and 101 Northwest 24th Street. In all, property records show companies tied to TriStar spent nearly $15 million for lots on 24th and 25th streets since 2013.
TriStar also owns the building at 261 Northwest 26th Street in Wynwood where Lebron James’ Unknwn store is located.
Chicago-based AMLI has owned and developed thousands of apartments in South Florida. In Miami, it’s currently building AMLI Midtown Miami, a 719-unit complex at 3000 Northeast Second Avenue.
Edelstein, meanwhile, is shifting his focus to Wynwood’s Fifth Avenue. In 2018, he entered a contract to spend $32 million to buy a large assemblage west of the AMLI assemblage with plans to develop it into a mixed-use project. He closed on the first piece in 2018, spending $18 million for the properties at 2641 and 2661 Northwest Fifth Avenue, and said he plans to close on the second piece in April.
There, Edelstein is planning 350,000 square feet of residential and office development. Nearby, Sterling Bay is currently building 545 Wyn, a 10-story, 325,000-square-foot office building at 545 Northwest 26th Street.
On the West Coast, Edelstein is a landlord to major tech companies like Amazon and Facebook in Seattle, and Apple in Sunnyvale, California.