Developer Rock Soffer acquired additional land for a planned project in Wynwood.
An entity led by Soffer paid $7.8 million for a third of an acre at 119 Northwest 24th Street in Miami last week, according to Metro 1 broker Juan Andres Nava. Nava and Bernardita Banfi of the same firm brokered the off-market Wynwood deal.
A company managed by Elias and Aida Mitrani sold the property. Records show the entity paid $3.3 million for the lot in 2015. It includes three buildings totaling 6,600 square feet.
In late 2022, Soffer paid $13.1 million for the properties at 127 and 135 Northwest 24th Street and 128 and 138 Northwest 25th Street with plans for a mixed-use hotel project with partner AJC Partners. A company led by Luis L. Bacardi sold those lots.
Together with the latest acquisition, the development site now totals under 1 acre, records show.
Soffer is a member of the Soffer family real estate dynasty that includes siblings Jackie Soffer, CEO of Turnberry Associates, and Jeffrey Soffer, CEO of Fontainebleau Development.
Nava said the purchase last week gives Soffer the ability to build an additional 50 residential units or 100 hotel keys as of right. With bonuses, the developer could build another 75 residential units or 150 hotel rooms. A larger site could make the project more economically feasible.
“Of course, economies of scale work a lot better,” Nava said, adding that, “Getting more frontage along 25th Street enhances the retail of the overall project.”
Some developers are acquiring additional density via air right transfers, while others are expanding their development assemblages. In December, Melo secured a density transfer allowing for another nearly 1,000 residential units at a planned development site in downtown Miami’s Arts & Entertainment District.
The zoning in Wynwood allows Soffer to build a five-story building, or 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 said a handful of projects are being completed, calling it “an inflection point” for Wynwood.
To the west, PMG and Greybrook Realty Partners are completing Society Wynwood, a nearly 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 also underway at AMLI’s Wynwood building to the east, at 70 Northwest 25th Street, according to Apartments.com.