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Salvation Army Sells Wynwood Site For $526 PSF

The Salvation Army sold its property in the Wynwood area of Miami to a developer for $18 million.

The nonprofit sold the 34,200-square-foot parking lot at 18 N.W. 23rd St. to Alchemy-ABR-BCP Wynwood LLC, in care of Alchemy-ABR Investment Partners in New York.

Israel Discount Bank of New York provided a $12 million mortgage to the buyer.

The price equated to $526 a square foot of land.

It’s located just west of the Wynwood Square mixed-use project.

According to an analysis of the development potential of the site by Miami-based Deepblocks, the property could be developed with 118 residential units in up to 12 stories.

Wynwood was transformed from an industrial area to a center for street art, restaurants and entertainment. After the city approved more density there, there was a boom of multifamily, office and retail construction in the neighborhood.

Alchemy Properties is best known as a condo and apartment developer in New York. Brian Ray, managing partner of the firm, said they plan to build high-end multifamily rentals in Wynwood.


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