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Real Estate

Salvation Army going mixed use?

Cashflow In Miami
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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