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Ironstate Pays $16M For Wynwood Site, Marking First Property In Miami

Ironstate Development Group purchased a property in Wynwood for $15.6 million, marking its first South Florida site.

The Hoboken, New Jersey-based development firm, led by brothers David and Michael Barry, acquired the Art by God assemblage at 60 Northeast 27th Street. The buyer is 26-60 NE 27th Street LLC, according to brokers involved in the deal.

Ironstate’s portfolio includes properties in New Jersey and New York, and the company has been considered a key player in Jersey City’s evolution. It is unclear what the firm’s plans are for the Wynwood site.

Art by God, led by Gene Harris and his family, was in contract to sell the land at 26 Northeast 27th Street, 25 Northeast 26th Street, and 61 Northeast 26th Street since October 2019. The previous buyer, Miami Beach-based Lucky Shepherd, assigned the contract to Ironstate, which acquired the property on Wednesday, according to the brokers.

Lucky Shepherd, led by Christine Menedis and Naveen Trehan, had planned to build a 150-key hotel with 48 rental apartments.

Andy Charry of Metro 1 represented the seller, while Colliers International South Florida brokers Mika Mattingly and Cecilia Estevez represented Lucky Shepherd.

Mattingly called it a “prime example of a Covid-ravished deal” that emerged “triumphantly.” Charry said the pandemic threw a monkey wrench through the original timeline. The closing was initially scheduled for early 2020.

“They had a great property located on a great street, and it became even better because of the proposed Brightline station,” Charry said, referring to the sellers. The family owns the gift shop that offers minerals, fossils and other natural resources.

Developers including the Related Group, Property Markets Group, Kushner Companies, East End Capital and others have flocked to Wynwood in recent years, developing mixed-use, multifamily projects.

 

Source:  The Real Deal

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Eco-Friendly Wynwood Hotel Planned For Art by God Site

A new eco-friendly hotel is expected to break ground on the site of the Art by God store in Wynwood.

Miami Beach-based Lucky Shepherd, co-founded by Christine Menedis and Naveen Trehan, will develop Shepherd Eco Wynwood at 60 Northeast 27th Street, joining a number of other hotels that have been proposed in the neighborhood. Hoar Program Management is the contractor on the project.

Touzet Studio is designing the 150-key hotel and Gensler is designing the interiors. In addition to hotel rooms, Shepherd Eco Wynwood will also have up to 48 residential units, according to a press release. The building will feature an outdoor amenity deck with a treehouse, a spa and wellness center, art gallery, rooftop pool and bar, speakeasy, and farm-to-table restaurant called Shepherd Farms.

Construction will begin in the summer. The hotel is expected to open in late 2022.

 

Source:  The Real Deal

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