One of the last remaining vacant development sites in the 27-acre Miami Worldcenter master-planned district, a 20,600-square-foot assemblage at the southeast corner of North Miami Avenue and Northeast 10th Street, traded hands for $30 million. The previous owner, IRR Parkwest Investments LLC – headed by Marc Roberts, sold the 0.47-acre site to 925 N Miami LLC, an affiliate of San Antonio, TX-based Lynd Living (Lynd). A $22.75 million land acquisition loan was arranged by Concord Summit Capital, LLC (Concord Summit) for the property, alternatively referred to as Block 23, which occupies the northeast frontage of North Miami Avenue between Northeast 9th and 10th Streets in the Park West area of Downtown Miami.
The property is currently being used as a staging area for the development of the 55-story Legacy Hotel & Residences from Royal Palm Companies, which is adjacent to the newly acquired Lynd site. This prominent corner plot allows for up to 1.2 million square feet of mixed-use development with as many as 650 residential units, and a building can rise to 60 stories as permitted by the zoning code T6-60A-O. Some of the addresses are not indicated on property records, but Google Maps lists the approximate addresses as 925, 933, and 941 North Miami Avenue, and 20 Northeast 10th Street.
Block 23 as of April 2022. Photo from Google Maps.
Block 23 as of April 2022. Photo from Google Maps.
Block 23 as of April 2022. Photo from Google Maps.
“David Lynd is a visionary and an incredible developer who I’m confident will bring a whole new level of residential living to Miami Worldcenter that the market has not seen before,” O’Grady said.
Concord Summit’s Managing Director Kevin O’Grady and Director Justin Neelis represented Lynd on the acquisition land loan and are representing Lynd as the exclusive advisors to place construction financing for the project. Concord Summit was also the sales broker for the land sale; the transaction closed on August 26th. Concord Summit’s next step is to secure the construction financing for the project..
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