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.