Two real estate firms with roots in New York are betting big on Miami’s trendy Wynwood neighborhood. L&L Holding Co. and Carpe Real Estate Partners have closed on a 3-acre assemblage to build The Wynwood Plaza, a planned 1M SF project with office, residential and retail space, plus a 25K SF public plaza. The acquisition comes about a year and a half after the partners formed a joint venture for the project.

According to The Real Deal, the developers closed on the 3-acre, 15-parcel assemblage in late December for roughly $53M. The deal involved five sellers. The site includes the property formerly known as the Rubell Museum. The Wynwood Plaza, designed by Gensler, will include a tower with 266K SF of office space that has outdoor areas on every floor, plus a large roof garden and a private gym for tenants. An apartment building will include 509 units with indoor and outdoor retail space. Plans also call for a 668-space parking garage and 954 bike parking spaces. The 25K SF public plaza is meant as a centerpiece, with a pedestrian paseo connecting to major streets: Northwest 29th Street, Northwest 30th Street and Northwest 1st Avenue. Local artists will be hired to design murals. Groundbreaking is expected early this year, with completion in 2024.

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By Deirdra Funcheon