Former Miami Beach Mayor Philip Levine sold off half a block in Wynwood for $24 million.
The property has no tenants. The buyer, a Delaware-based limited liability company named Whale & Star Wynwood, plans to build a mixed-use development that will include a hotel with over 300 rooms, Dwntwn Realty Advisors’ Tony Arellano, who represented the seller alongside Devlin Marinoff, told Commercial Observer.
The parcel is zoned for a hotel with 265 to 388 rooms or a multifamily building with 132 to 194 units. Levine, who served as Miami’s mayor from 2013 to 2017, assembled the property in 2012, paying $5.9 million in total, according to property records.
Since Levine’s purchase, Wynwood, a historically working-class neighborhood filled with warehouses, has become one of the most sought-after areas in Miami. Tech companies, including Peter Thiel’s Founders Fund, have opened offices, and residential developments, such as the Diesel-branded condo building, are under construction.
Another hotel development is in the pipeline. Last year, Jackie Soffer’s Turnberry Associates paid $13 million for a 0.7-acre parcel, where it’s planning to develop a mixed-use property with a hotel, The Real Deal reported.
Former Miami Beach Mayor Philip Levine sold off half a block in Wynwood for $24 million. The collection of low-rise retail buildings, known as The Whale & Star property, totals 27,406 square feet. The site fronts 365 feet on NW First Place, between Northwest 22nd and 23rd streets. The property has no tenants. The buyer, Read More
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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