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Real Estate

Salvation Army going mixed use?

By
Cashflow In Miami
on
October 21, 2022

Salvation Army going mixed use?

18 Northwest 23rd Street, Wynwood

An affiliate of the New York-based developer  Alchemy-ABR Investment Partners wants to develop a Salvation Army parking lot in Wynwood into the firm’s first Miami project.


The builder paid $18 million, or about $526 a square foot, for the 0.8-acre development site at 18 Northwest 23rd Street, records show. Israel Discount Bank of New York provided Alchemy-ABR with a $12 million mortgage.

The Salvation Army, which operates a nearby thrift store and rehabilitation center, is the seller.

Alchemy-ABR retained Miami-based Arquitectonica to design a 12-story apartment building with 186 units, retail spaces and a garage for the parking lot site. The developer expects to break ground in 2024 with an expected completion of 2026.
Alchemy’s Wynwood project will offer a mix of one-, two-, and three-bedroom units that are slightly larger than other apartment offerings in the neighborhood.

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