Sales  ·  Land

Lender Sells Foreclosed Wynwood Site for $26M

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Gamma Real Estate sold a foreclosed development site in Miami’s Wynwood district for $26 million, property records show. 

The New York-based seller gained control of the 1-acre assemblage at 2825 NW Second Avenue last year through a foreclosure auction, after the U.K.-based owner The Collective went bankrupt. 

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In 2019, Gamma had lent the now-defunct co-living company $23 million for a mixed-use project and, in 2021, Miami’s Urban Development Review Board approved a 12-story development for the site. But it never broke ground. The approved plans included 180 residential units, 70 hotel rooms and 9,508 square feet of ground-floor retail.

Jonathan Kalikow, president of Gamma Real Estate, declined to reveal the buyer, known in records only as 2825 Wynwood Holding, but did divulge that it’s a “sophisticated institutional investor” already active in Florida.

Cushman & Wakefield team led by Robert Given and Troy Ballard brokered the sale and declined to comment.

The site, which sits at the corner of NW 29th Street by the northern end of the neighborhood, houses a single-story apartment building, two retail properties and four vacant lots.

Julia Echikson can be reached at jechikson@commercialobserver.com