Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of US$15,465,000 to acquire and oversee the development of a prime parcel of land in Miami, Florida. Together with its developer partner, PMG, the firm intends to develop the land located at 2407 NW 2nd Avenue into a mixed-use multi-family residential building. This project is an expansion of an existing project with PMG on the adjacent parcel of land located along NW 2nd Avenue and NW 25th Street, which was acquired in 2019 and is currently under development. Part of Society Living, a national platform of thoughtfully designed social communities, the expanded project is expected to yield over 280 rental units and more than 50,000 square feet of retail.
The site, occupying the Northeast corner of NW 24th Street and NW 2nd Avenue, is situated in the heart of Miami’s dynamic Wynwood neighbourhood. Centrally located within the flourishing urban art district, the development site offers convenient access to an abundance of lifestyle amenities as well as a growing number of tech and creative enterprises. The expanded development site will now span a full block along NW 2nd Avenue, the major retail and entertainment thoroughfare in Wynwood. In addition to a premium location, the eight-storey multi-family community will offer a growing urban renter population the opportunity to access attainably priced housing options, extensive social amenities and a tech-enabled lifestyle.
“This acquisition enables us to not only expand our mixed-use multi-family development along a full block at the epicentre of Wynwood, it also allows us to unlock additional value, improve the building design and attract high-quality retail tenants to our prime location along NW 2nd Avenue,” stated Sami Mouaket, Senior Vice President, Institutional Capital Markets, Greybrook Realty Partners. “Our Society Wynwood community will be a fantastic addition to one of the most sought-after neighbourhoods in Miami and a great example of the types of first-class locations we look for as we actively evaluate new urban markets across the U.S. for our next Society Living community with PMG”.
Society Wynwood is Greybrook’s third project with developer partner PMG featuring a Society Living community. Together with the Society Las Olas development in Fort Lauderdale and the Society Biscayne development in downtown Miami, Greybrook continues to expand its portfolio of U.S. multi-family assets, which includes the development of over 2,100 traditional and co-living rental units across Southern Florida.
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