Wynwood Welcomes Major Retail Expansion with Prominent Developers

In a significant move for the Wynwood Art District's commercial landscape, a trio of influential development firms—Lion Development Group led by Michael Simkins, LNDMRK Development led by Alex Karakhanian, and Tricera Capital led by Ben Mandell—has jointly acquired 32,000 square feet of prime ground-floor retail space at the Society Wynwood complex. The deal, valued at $22.5 million, marks a pivotal development in one of Miami's most vibrant neighborhoods.

Prior to the closing, Tricera and LNDMRK had already signed four major leases, securing tenants for approximately 50% of the available space. This proactive leasing strategy brought in a diverse mix of businesses, including Starbucks, Nacho Daddy, Chama De Fogo Brazilian Steakhouse, and I Scream Gelato. These brands are not just filling space; they are set to enhance the local flavor and economic vitality of Wynwood.

The property, developed by Property Markets Group (PMG) and Greybrook, is situated at 2431 NW Second Ave., right in the heart of the Wynwood Art District. This location is pivotal, standing directly across from the iconic Wynwood Walls. "Wynwood's growth over the last decade has been tremendous, and our team is excited to continue to play a role in elevating the community," said Ben Mandell, CEO of Tricera Capital.

Alex Karakhanian of LNDMRK Development also shared his enthusiasm for the project: “We are excited to partner with Tricera and Lion on this transformative acquisition. The retail is situated in the core of the district, and continues to attract premium tenants that want to be part of this vibrant community.”

The retail portion of Society Wynwood, along with its nearly 300 modern residential units and private parking garage, positions the building as a premier destination within the district. This integration of living, leisure, and work space reflects the ongoing transformation of Wynwood into a dynamic urban neighborhood where culture and commerce meet.

With successful leasing already underway and more announcements expected soon, the new ownership is poised to continue its momentum. The addition of high-profile tenants like Starbucks, which will occupy approximately 2,600 square feet, and the unique dining experiences offered by Nacho Daddy, Chama De Fogo, and I Scream Gelato, Society Wynwood is set to become a key player in the area's ongoing development.