Developer Pays 41.5 Million for Wynwood Block

Sep 24, 2015

New York-based Thor Equities is expanding its holdings in Wynwood.100,000-square-foot site had been location of an industrial pipe and plumbing supplier. Thor plans to redevelop the property. The 100,000-square-foot site runs from Northwest 28th Street to Northwest 29th Street along Northwest Second Avenue. It had been the site of Lehman Pipe & Plumbing Supply, a distributor of industrial piping products, and has an address at 2800 NW Second Ave. in Miami.
New York-based Thor plans to redevelop the property, which lies in an industrial area that has become the city’s newest arts hub.“The already burgeoning Wynwood Art District is primed for a mixed-use, residential rezoning that will spur further development, and accelerate its ongoing transformation from an underutilized industrial area into a true live-work-play community,” Joseph Sitt, chief executive of Thor, said in a statement.In May, the firm paid $26.9 million for a nearby 105,000-square-foot parcel at 2801 NW Third Ave. It also owns properties in the Design District and South Beach.

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