A nearly 2-acre Wynwood site, entitled for a 36-story, 1,300-unit Live Local project, has sold for $54 million, yielding a 1,100% gain for developer Ultimate Equity. The buyer is an affiliate of South Florida investor Gary Krat.
“Sometimes it takes an eye that is not ingrained in the locality to see the potential. Sometimes you have to be counter-cyclical. You can’t just follow the herd. I didn’t want to just build more condos...”
“I’m speaking to someone every week looking to come here: individuals, venture capitalists, groups looking to invest here.”
“These companies, these announcements, they get headlines, but they are not a significant change to the market.”
End of Intelligence Report · 3 Sources Verified