Bazbaz Development can finally scratch a seven-year itch and move forward on a mixed-use project that’s been in the works in Wynwood.
An affiliate of the New York-based developer paid $12 million for 1.5 acres at 2134 North Miami Avenue, records show. The seller is an entity managed by Brett Lang, a commercial real estate investor who heads Miami Beach-based Centric Capital, according to his LinkedIn profile.
In 2003, Lang’s affiliate paid $1.7 million for the six vacant parcels, which are currently used as temporary parking lots.
Bazbaz is planning two interconnected buildings with 229 apartments and 79 extended stay hotel rooms according to Bazbaz’s website. The project will also include 45,000 square feet of office, 18,000 square feet of retail and 293 parking spaces. The firm has not responded to a request for comment.
In 2015, the Miami Urban Design Review Board approved Bazbaz’s architectural plans, which show an eight-story building and 12-story building connected in a L-shape. Bazbaz’s project is adjacent to another development site where The Related Group is also planning a two-building mixed-use complex.
New construction is running rampant in Wynwood, a former industrial warehouse district that is transforming into an arts centric neighborhood with apartment buildings, hotels, condominiums, retail shops, bars and restaurants.
A June analysis by The Real Deal shows that more than a dozen projects and over 2,200 apartments and condos are in various stages of development in Wynwood. Developers dropped close to $300 million acquiring land in Wynwood between March 2021 and May 2022, the analysis found.
And more development is on the way. This month, Brooklyn-based LIVWRK went under contract to purchase its second Wynwood development site for roughly $20 million. Last month, Alchemy-ABR Investment Partners acquired a nearly 1-acre Salvation Army parking lot where the New York-based developer is planning a 12-story apartment building with 186 units, retail and a parking garage. The site sold for $18 million.