The project is planned to be developed on a site Turnberry Associates acquired from the Bacardi Family. Aventura-based Turnberry, led by Jackie Soffer, paid $13.1M for the properties at 127 and 135 NW 24th Street and 128 and 138 NW 25th Street, records showed.
A company led by Luis Bacardi sold the properties. A Turnberry affiliate financed the purchase with a $7.9M loan from Terrabank. The Bacardi entity paid just $2M for the 0.7 acre assemblage in 2006, Bacardi is CEO of RumBum Racing.
Rock Soffer, a partner at Turnberry, said the site will likely be developed into a hotel with a food and beverage component, and possible office or retail. The site’s zoning allows for five stories. Soffer said Turnberry is working with its design team, but it could wait to finalize plans, but we could break ground in 2 years, “we want to see how the neighborhood will evolve.”
The site is sandwiched between two major developments. To the west are building Society Wynwood, a 289-unit apartment development at 2431 NW 2nd Avenue. To the east, multifamily giant AMLI has a 316-unit apartment building under construction at 70 NW 25th Street.
Soffer is also working on a market-rate apartment project in Miami’s Little River on the development of 123 & 137 NE 79th Street.
In 2019, Soffer and partners completed 17 West, a mixed-use building that includes a Trader Joe’s in Miami Beach.
Construction is bountiful in Wynwood, where more than 2,200 apartments and condos are in the pipeline.
Moise Mana, a large landowner in the neighborhood, secured a $257 million line of credit for a portion of his portfolio. The properties are on Fifth and Sixth Avenues and 22nd and 23rd Streets. Mana received approval in 2016 for a special area plan in Wynwood, which calls for 51,000 square-feet of civic space, about 3,500 residential units, 8,500 parking spaces and a 2-5 acre privately owned park called Mana Commons. The size has varied, but Mana’s website describes it as a 30-acre project.