Multifamily Development Site in Miami’s Wynwood Sells for $54M

Shoe brand owner David Sedaghati has sold a development parcel in Miami’s Wynwood neighborhood for $54 million, property records show.

Located at 2401 Northwest Sixth Avenue, the property spans 1.92 acres, facing Interstate 95, occupying nearly half a block. Gary Krat of Highland Beach, Fla., purchased the asset, which currently holds low-rise commercial buildings totaling 64,629 square feet that were built in the 1950s.

Sedaghati, who owns Ultimate Shoes, filed plans to build a development with 1,300 apartments across two 36-story towers, using the Live Local Act, a Florida law passed in 2023 stipulating that at least 40 percent of units be priced as workforce housing, in return for density boosts. Plans also called for 1,099 parking spots and 21,601 square feet of commercial space.

The Miami Urban Development Review Board approved the proposal in 2024, The Real Deal reported. A representative for Sedaghati did not immediately respond to a request for comment. Krat could not be reached for comment.

Wynwood has seen a rush of development since the pandemic. Related Group has completed two multifamily projects, i5 Wynwood and The Dorsey, and has under construction a condo project branded after the NoMad hotel.

Tech companies have also moved in. The family office of billionaire Peter Theil opened an office in Wynwood last year. L&L Holding and Oak Row completed the mixed-use Wynwood Plaza development, where Amazon signed a 75,000-square-foot lease.

Julia Echikson can be reached at jechikson@commercialobserver.com.