David Edelstein’s Tri-Star Capital has purchased property in Wynwood, with plans to redevelop it.
The developer is buying an assemblage totaling 1.7 acres of land on the east side of Fifth Avenue for $32 million. The properties are on two separate blocks, with the first at 2641 and 2661 Northwest Fifth Avenue and the rest in the 2700 block. Part of the deal has already closed.
Tri-Star will develop two buildings with up to 300,000 square feet of office, hotel or retail, Edelstein told The Real Deal.
In total, Tri-Star now controls an estimated 250,000 square feet of land in the area, Edelstein estimates.
The new developments will be built in three to five years, depending on market conditions. In the meantime, warehouses on the site will be renovated.