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The agreement gives greater density to its planned project
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Developer Rock Soffer has acquired more land for a planned assignment in Wynwood.
A Soffer-led entity last week paid $7. 8 million for a third acre at 119 Northwest 24th Street in Miami, according to Metro 1 runner Juan Andres Nava. Nava and Bernardita Banfi of the same company negotiated the off-market deal with Wynwood.
A corporation led by Elias and Aida Mitrani sold the property. Records show the entity paid $3. 3 million for the land in 2015. It is comprised of 3 buildings totaling 6,600 square feet.
In late 2022, Soffer paid $13. 1 million for homes at 127 and 135 Northwest 24th Street and 128 and 138 Northwest 25th Street with plans for a mixed-use hotel assignment with his spouse AJC Partners. A company headed by Luis L. Bacardi sold those lots.
With the most recent acquisition, the progression now totals less than 1 acre, according to records.
Soffer is a member of the real estate dynasty of the Soffer family, which includes brothers Jackie Soffer, CEO of Turnberry Associates, and Jeffrey Soffer, CEO of Fontainebleau Development.
Nava said last week’s acquisition provides Soffer with the ability to build another 50 residential complexes or 100 hotel keys in their own right. With bonuses, the developer can build another 75 residential complexes or 150 hotel rooms. more economically viable task.
“Of course, economies of scale work much better,” Nava said, adding that “having more frontage along the street improves the retail of the entire project. “
Some developers are gaining greater density through air rights moves, while others are expanding their progression packages. In December, Melo secured a density move that allowed for the construction of approximately 1,000 additional residential complexes in a planned breakthrough in Downtown Miami’s Arts and Entertainment District.
Zoning in Wynwood Soffer to build a five-story building or an eight-story building with bonuses.
Soffer was not immediately available for comment. When he acquired the adjacent assemblage more than a year ago, Soffer said he planned a hotel with a food and beverage component.
Nava has a handful of projects nearing completion, which he calls a “turning point” for Wynwood.
To the west, PMG and Greybrook Realty Partners are completing Society Wynwood, an approximately 300-unit apartment building at 2341 Northwest Second Avenue. Retail tenants include Bodega Taqueria, Dave’s Hot Chicken, Starbucks, Chama De Fogo and Nacho Daddy.
Leasing is underway at AMLI’s eastbound Wynwood construction at 70 Northwest 25th Street, according to Apartments. com.