Lynd Living Buys Site at Miami Worldcenter
By Julia Echikson August 30, 2022 12:29 pm
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Lynd Living is coming to Miami Worldcenter, one of the largest private development projects in the country.
The San Antonio-based developer paid $30 million for a half-acre site on North Miami Avenue, between Northwest Ninth and Northwest 10th streets, according to property records.
Lynd secured a $22.75 million acquisition loan from TIG Romspen US Master Mortgage, brokered by Concord Summit Capital’s Kevin O’Grady, Daniel Bresnahan and Justin Neelis.
The seller, Marc Roberts, a co-owner of the popular E11even nightclub, sold about half of the parcel that he bought for $26.78 million in total two years ago, shortly before the first COVID-19 lockdowns.
Lynd plans to build a residential tower, CEO David Lynd told Commercial Observer. The executive declined to provide additional details about the project.
Concord Summit is now seeking financing for a construction loan, said a representative for the brokerage, but has yet to provide additional details.
Lynd’s project is the latest proposed at Miami Worldcenter, a master-planned development spanning 27 acres in Downtown Miami.
The Related Group, Miami’s largest condominium developer, is building a residential tower geared toward short-term rentals called the Crosby. The Witkoff Group is in the early stages of developing 2,195 residential units. Earlier this year, before announcing his newest multifamily venture this month, former WeWork CEO Adam Neumann nabbed a $108 million construction loan for a residential tower near one he already owns.
On the ultra-luxury side, Royal Palm Companies is developing Legacy Hotel & Residences, a 50-story condo tower for which it scored a $340 million construction loan last year.
Julia Echikson can be reached at jechikson@commercialobserver.com.
