Foreclosed Wynwood Site Sells For $26M
The approved plans included 180 residential units, 70 hotel rooms and 9,508 square feet of ground-floor retail.
The approved plans included 180 residential units, 70 hotel rooms and 9,508 square feet of ground-floor retail.
VSRE has also been contracted to develop apartment buildings, retail, and offices.
Next, Latitude Group will pursue the construction permit at the 59,000-square-foot site at 12-24 Crandon Blvd.
JLL Capital Markets arranged the sales of the 70,288-square-foot Shops at Sunset Lakes in Miramar, Florida and the 109,811-square-foot Town Center Shops at Jensen Beach.
Franklin Street’s South Florida Investment Sales Team of Greg Matus, Adam Tiktin and Alex Lazo, along with Red Rock Realty’s Norman Matus, arranged the sale on behalf of the seller.
The development property consists of office, multifamily and retail elements.
A study predicts 45% to 50% increases in Florida, including in inland areas — and a doubling of premiums won’t be out of the question.
Local downtown real estate investor Shai Ben Ami, Broker-Principal of Urban Core, represented Centro Retail Downtown, an entity managed by Ben-Ami along with Israeli public company partner Mishorim Investments, as well as the buyer, Ocean Bank, in the sale and purchase.
“There has never been a more exciting time in South Florida Real Estate and we are thrilled to launch Vertical Real Estate with a team that brings an innovative and community-focused approach to this industry,” said Stern.
The property is entitled for the development of 301 residential units, 244,000 square feet of office, and just over 7,000 square feet of retail.
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