PMG Buys Wynwood Development Parcels for $46M
Slated to break ground in the summer of 2020, PMG’s first Wynwood project will feature more than 220 apartments, a hotel component, a rooftop bar and restaurant, and more than 35,000 square feet of retail.
MIAMI—An affiliate of PMG Acquisitions, LLC and Greybrook Realty Partners have acquired seven parcels in the Wynwood neighborhood here for $46 million and plans to break ground on a mixed-use project there next summer.
The joint venture will co-develop the land located at 2431-2455 NW 2nd Ave., 146-172 NW 25th St., and 1159 and 169 NW 24th St., which spans approximately 1.6 contiguous acres, under a new multi-family brand that will be launched in coming months.
Slated to break ground in the summer of 2020, PMG’s first Wynwood project will feature more than 220 apartments, a hotel component, a rooftop bar and restaurant, and more than 35,000 square feet of retail. Tricera Capital, led by Scott Sherman and Ben Mandell, is set to acquire the ground floor retail component, PMG reports.
“We have a longstanding partnership with Greybrook Realty Partners, and are looking forward to bringing our first Wynwood project to market together.” says Ryan Shear, managing partner of PMG. “Wynwood is one of the most walkable and vibrant areas in Miami. It is the perfect location for our latest project as we continue expanding throughout South Florida and beyond.”
“We believe the development’s social living and co-living offering is a solution to the housing affordability challenges faced by a growing demographic of renters across many large U.S. urban centers like Miami,” says Peter Politis, CEO of Greybrook Realty Partners. “Faced with rising housing costs, flat wage growth and changing lifestyle preferences, our turnkey rental options coupled with premium lifestyle amenities and curated programming deliver an attractive value proposition to residents and a strong investment opportunity for our investors.”
Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also managing director of the firm’s Miami operations; David Duckworth; senior associate Brian C. de la Fé; and associate Myles Stepner completed the portfolio disposition, the largest sale to-date in 2019, in Wynwood.
“Explosive growth and high demand continue in Wynwood, making the large assemblage a one-of-a-kind ‘blank canvas’ opportunity,” says Avison Young’s Crotty. “The extremely qualified investor-developer of high-quality residential has a unique co-living above ground-floor retail concept that fits perfectly within the neighborhood’s lifestyle and is expected to further enhance and beautify the area.”
Peter L. Desiderio, Esquire of Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., and Laura Bourne Burkhalter, Esquire of Laura Bourne Burkhalter, P.A., represented the sellers in connection with the transaction.
PMG and Greybrook Realty Partners of Toronto are currently co-developing a number of projects throughout South Florida, including the 49-story 400 Biscayne project in Downtown Miami, which recently broke ground; and their Las Olas project, which will begin leasing in the fourth quarter of this year.
PMG, which has offices in Miami and New York City, is in various stages of developing more than 5 million square feet of residential properties, including Queens Plaza Park, 111 Leroy Street, 111 W 57th Street, Waldorf Astoria Downtown Miami and numerous others throughout New York City and South Florida.