Sales  ·  Land

PMG Buys Wynwood Assemblage for $20M

reprints


Property Markets Group (PMG) acquired a development site in Miami’s Wynwood neighborhood for $20 million, property records show. 

The 1-acre assemblage spans about half a block at 112 NW 30th Street and is home to three single-family homes in the Wynwood Norte Neighborhood Revitalization District. Two years ago, Miami commissioners approved zoning changes to the area in hopes of transforming warehouses into office and apartment-oriented mixed-use projects.

SEE ALSO: Fortress Takes Control of Fort Lauderdale Yacht and RV Park in $86M Deal

The seller, Lndmrk Development, assembled the seven lots last year, paying $12.5 million in total. PMG plans to erect a condo development with Lndmrk coming on as a joint venture partner, according to a source familiar with the deal.

Lndmrk is a frequent collaborator with PMG. The investor purchased the retail component of PMG’s Society Wynwood, a 318-unit development that’s under construction at 2431 NW Second Avenue.

New York-based PMG is one of the most active developers in South Florida. In Downtown Miami, it’s building the Waldorf Astoria condo building, which could become the city’s tallest tower, as well as the E11EVEN-branded, two-tower complex. 

PMG’s purchase follows a string of deals in Wynwood. Last week, former Miami Beach Mayor Philip Levine sold off half a block for $24 million, on land where the buyer is planning to build a hotel. Last month, Tri-Star Equities bought an office and retail building for $19 million, according to The Real Deal.

Representatives for PMG and Lndmrk declined to comment.

Julia Echikson can be reached at jechikson@commercialobserver.com