Sterling Bay just bought a Wynwood site for $18.9 million with plans to build an ambitious 10-story, mixed-use development.
The Chicago-based investment firm purchased the 500,000-square-feet property at 537-557 Northwest 26th Street and 530-550 Northwest 27th Street for $37.80 per square foot.
Sterling Bay received approval from the Wynwood Design Review Committee for the project, called 545wyn, in April. Plans include 298,000-square-feet of modern Class A office space and 26,000-square-feet of retail space.
The building will also include 420 parking spaces and a 18,000-square-feet tenant amenity floor, conference rooms, a wellness center and private tenant and open-air balconies.
The project is designed by the San Francisco-based architecture firm Gensler. It is expected to break ground by the first quarter of 2019.
CBRE is the exclusive office leasing partner for 545wyn, according to a release.
In Chicago’s West Loop, Sterling Bay has developed the global headquarters for McDonald’s. It also has plans to develop a $5 billion, 70-acre mega project in Chicago called Lincoln Yards.
A number of new projects are planned or have been recently constructed in Wynwood. Los Angeles-based CIM Group and One Real Estate Investment are planning to build a 12-story mixed-use project at 2201 North Miami Avenue.
And earlier this month, Quadrum Global bought a 30,000-square-foot property at 2217 and 2233 Northwest Miami Court, which could bring Wynwood its first hotel.
Goldman Properties also just completed the first parking garage in Wynwood at 301 Northwest 26th Street.