A potential development site in Miami’s Wynwood Arts District sold for $54 million.
Ultimate Equity, managed by David Sedaghati of Miami-based Ultimate Shoes, sold the 1.92-acre property at 2401 N.W. Sixth Ave., plus 520 to 590 N.W. 26th St. to GK Real Estate 5 LLC, managed by Gary Krat in Highland Beach. Property data firm Vizzda confirmed the parties in the deal.
It currently has 64,629 square feet of commercial buildings that were constructed in the 1950s. It was assembled for a combined $4.45 million between 2002 and 2010.
However, in 2024, Ultimate Equity filed a development plan for the site through the state’s Live Local Act, which allows developers to maximize height and density as long as at least 40% of the residential units are workforce housing. Its plans for Ultimate Wynwood call for two towers of 36 stories each, totaling 1.06 million square feet with 1,300 apartments, 21,601 square feet of commercial space and 1,099 parking spaces.
No construction has taken place.
State lawmaker recently revised the Live Local Act with changes meant to spur more development. It is often challenging to build a high-rise Live Local Act project because taller buildings are expensive to build, so it’s hard to do so without charging market rent for all of the units.
