Know about market updates

Gindi family plans major Wynwood retail project after $53M property purchase

Gindi family plans major Wynwood retail project after $53M property purchase
Project will feature green spaces for both the building’s center and its roof
October 04, 2016 11:20AM

2600-2630 Northwest Second Avenue and Isaac Gindi and Raymond Gindi (Credit: Mike Pont/Getty Images)

In one of Wynwood’s largest deals to date, the Gindis, famous for their ownership of the Century 21 Department Store chain, just paid $53.5 million for a chunk of Wynwood property where they are planning a two-story retail development.
The family, acting through their company ASG Equities, bought the buildings at 2600-2630 Northwest Second Avenue just a block away from the Wynwood Walls, according to the Miami Herald. The properties house 41,616 square feet of space and sit on 42,000 square feet of land, so the sale breaks down to more than $1,200 per foot for the land and for the buildings.
The seller was another company controlled by the Mitrani family, the Herald reported, long-time property owners in the neighborhood who switched gears from manufacturing clothes to curating an art gallery in 2008.
Tony Arellano of Metro 1, who brokered the deal along with the Whitehall Realty Group, told the Herald that the Gindi family is now planning a two-story commercial project called Wynwood Park. Its goal, Arellano said, is to adaptively re-use the property’s existing buildings and open a green-space both at the project’s center and on its roof.
The design for Wynwood Park is being finalized by architecture firm MKDA for submittal to the neighborhood’s Design Review Board.
This isn’t the family’s first project in Miami. The Gindis are partnering with Helm Equities to build a mixed-use retail and office building on the former site of a church in the Design District. [Miami Herald] — Sean Stewart-Muniz

Source: The Real Deal

Leave a Reply

Your email address will not be published. Required fields are marked *