No Comments

ABH Developer Group Completes Development Site Assemblage In Wynwood Norte, Becomes Largest Stakeholder In The District

ABH Developer Group, a rapidly growing, fully integrated real estate firm, announced the acquisition of two duplexes located at 84-86 NW 32nd St. and 90-92 NW 32nd St. to complete an acre assemblage within the Wynwood Norte district in Miami.

The purchase was made through Wyn Garden North, LLC, a subsidiary of ABH Developer Group led by Alexis Bogomolni. Closing took place May 11th. The acquisition completes ABH Developer Group’s assemblage in the Wynwood Norte district, which includes the purchases of 3129 NW 1st Ave., 3131 NW 1st Ave., 75 NW 31st St., 79 NW 31st St., 85 NW 31st St., and 93 NW 31st St., bringing the total purchase price of the assemblage to $10,125,000.

ABH Developer Group is the largest property owner in the Wynwood Norte District, having assembled a total of 180,000 square feet since 2021. The firm has 13 projects ranging from 24 to 150 units in various stages of development just within the Wynwood Norte boundaries. ABH is planning to transform the assemblage into a multifamily development to serve the growing demand for attainable housing options in Miami.

“We were attracted to Wynwood Norte for its prime location adjacent to the Wynwood Arts District, Miami Design District and Midtown Miami and recognized this as an emerging area for significant development,” said Bogomolni, CEO, ABH Developer Group. “More importantly, we saw an opportunity to create a new mix of attainable housing options for working families and young professionals. We knew that by amassing a collection of properties and creating several high-quality developments, our team could make a greater impact, contribute to the revitalization of this vibrant and diverse neighborhood, and hopefully serve as a catalyst for further development.”

The Wynwood Norte district is bordered by I-95 to the west and North Miami Avenue to the east, and Northwest 29th Street to the south and I-195 to the north. Given its walkability to many art, cultural and entertainment and dining destinations and its recent zoning overhaul, the neighborhood is poised for significant development.

ABH Developer Group has been working closely with The Wynwood Community Enhancement Association (Wynwood CEA), a guided effort by the community and diverse neighborhood stakeholders, to help further its mission to restore and grow the neighborhood’s housing stock, make neighborhood improvements and enhance the quality of life for current and future residents. As an advocate and one of the largest stakeholders in the district, ABH Developer Group is committed to contributing to the NRD-2 Public Benefits Trust Fund for the long-term. The Fund was established to support reinvestment and supplement affordable and workforce housing, public parks and open spaces, and civic space or civil support space within Wynwood NRD-2.

Founded in 2021 and headquartered in Miami, ABH Developer Group is focused on residential and commercial ground-up development in South Florida. The firm’s portfolio features a mix of garden-style and mid-rise developments with over 750 units in the pipeline. This marks the 12th acquisition made by ABH Developer Group in the last 12 months. Current projects under construction include: Hollytown, a 24-unit townhome development in Hollywood, and a 28-unit rental building located at 3422 NW 5th Ave. in Wynwood Norte.

ABH Developer Group is led by an executive management team with decades of experience, including in-house expertise in development, acquisitions, finance, design, management, marketing, sales, and leasing.

 

No Comments

Centner Academy Owners Assemble Land In Wynwood

The controversial owners of Centner Academy in Miami are assembling land in Wynwood Norte.

Entities tied to David and Leila Centner acquired the adjacent parcels at 3442 and 3490 Northwest Second Avenue for $4.7 million in January, records show. The lots total 0.2 acres and include a 7,660-square-foot building the Centners have been using as storage for the school.

They also own the 0.8-acre property at 3465 Northwest Second Avenue. State records show attorney Jamie Mandel, who represents the Centners on their real estate deals, now manages the company that owns the 12,000-square-foot school building. A deed transfer has not been recorded.

Real estate investor Babba Joshua Yesharim’s BHBH LLC sold the properties at 3442 and 3490 Northwest Second Avenue. Yesharim’s company paid just $275,000 for the lots in 2011, marking a 16-fold price increase in 12 years.

Yesharim said his parcels were on the market for $5.5 million, and that the Centners canceled their contract to buy the lots. After receiving offers from other buyers, he approached the Centners to see if they were still interested, and they negotiated the latest deal.

The Centners will likely use their properties to expand their Centner Academy school, which has locations at 4136 North Miami Avenue, near the Miami Design District, and at 1911 Northeast Miami Court.

Yesharim said the Centners are also building an apartment project down the street from the Wynwood Norte assemblage, just south of Roberto Clemente Park. Property records show a company managed by Coral Gables-based ABH Developer Group paid about $7.5 million for the land at 3311 and 3327 Northwest Second Avenue and 182 Northwest 34th Street. ABH Developer Group did not respond to a request for comment.

 

Source:  The Real Deal

© 2023 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.