Two New York developers have formed a joint venture to redevelop a 3-acre assemblage in Miami’s Wynwood Arts District, they announced Wednesday.
L&L Holding Co. and Carpe Real Estate Partners envision a mixed-use development with a Class-A office tower, indoor-outdoor retail space, a luxury residential apartment building and large public and private outdoor open spaces.
The assemblage, at the northeast corner of Northwest First Avenue and 29th Street, allows for 800K SF of new development. Financial terms were not disclosed. The partnership expects to close on the land next year.
In New York, L&L Holding, founded by David Levinson and Robert Lapidus, has developed major projects including 425 Park Ave., a 670K SF, full-block office in Midtown that holds the record for most expensive office lease in NYC history, and TSX Broadway, a $2B mixed-use development in Times Square that will raise the Palace Theatre 29 feet to accommodate a large, outdoor stage.
L&L is also planning to renovate Terminal Warehouse, a block-long West Chelsea storage facility, into office space. The Wynwood venture would be L&L’s first project outside of Manhattan.
“We are thrilled about this opportunity to create a one-of-a-kind, 21st century mixed-use development in one of the world’s coolest and most eclectic neighborhoods,” Levinson said in a statement.
Carpe Real Estate Partners, founded in 2017 by Erik Rutter and David Weitz, is based in New York and Miami. It is developing The Oasis at 2335 North Miami Ave. in Wynwood with office, retail, a stage, a food hall and a bar. Spotify will be its anchor tenant.
“When we entered the Wynwood submarket, we were immediately attracted to its character — to the intangible buzz and energy you feel when walking the streets of the neighborhood,” Weitz said in a statement. “Our goal with this project on 29th Street and the Oasis is to preserve that character, and let it inspire our projects’ design and ethos.”