Thor Buys Miami Development Sites at Discount

Thor Equities is back in Miami’s Wynwood neighborhood, where it bought discounted development parcels — one of which it previously owned.

The New York-based developer paid $30.3 million for lots that together span nearly 2 acres. The properties, which are mostly vacant, are zoned for up to 613,000 square feet of development.

“Reacquiring one of our former assets reflects both our confidence in Wynwood’s growth and our ability to navigate market cycles,” Joseph Sitt, chairman of Thor Equities, said in a statement. 

Thor bought back a 0.73-acre site at 2724 Northwest Second Avenue for $10 million. The developer had sold the parcel for $28 million in 2023. 

In addition, Thor paid $20.3 million to acquire a 0.9-acre site at 179 Northwest 29th Street and 2825 Northwest Second Avenue from Gamma Real Estate, which had purchased the lots for $34 million in 2023. 

The seller in all the transactions was an entity tied to Brian Aronson, a Los Angeles-based attorney with law firm Mayer Brown. Aronson did not immediately respond to a request for comment. 

Thor has several ties to Wynwood. Just a few blocks north, it developed the 63,000-square-foot, Wynwood Walk retail building, which counts as tenants Puttery and Velvet Taco.

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