David Edelstein
David Edelstein, a real estate developer in Miami Beach, is hoping his success in Miami Beach translates to Miami’s Wynwood neighborhood where he and companies related to him have been buying up large parcels over the past year and a half.
Edelstein is involved in a joint venture that owns the western half of the block between Northwest 28th and 9th streets facing Third Avenue with plan for a mixed-use development.
The latest purchase closed in May when Edelstein put down $4 million for 2701 NW Second Ave. and 187 NW 27th St., two retail buildings on Wynwood’s main drag. The site faces a mixed-use development proposed by real estate investor Goldman Properties, which plans to build 55 residences northwest of Northwest 27th Street and Second Avenue.
This purchase is just one amongst an extensive collection Edelstein has amassed throughout Wynwood and the existence of several recently registered Florida limited liability companies under Edelstein’s name suggests he’s not done buying yet.
Companies related to Edelstein also own eight contiguous lots totaling 1.64 acres on Northwest 24th Street west of Miami Avenue, two warehouses on 0.78 of an acre on the northwest corner of Northwest 26th Street and Miami Avenue, and three other properties on Northwest 27th Terrace.
Broker Tony Cho, president of Metro 1 Properties, was involved in the sale of some of the properties and has consulted Edelstein on other deals. Cho told the Daily Business Review that he’s not completely sure what Edelstein plans for his assemblage, but he can hope.
“I’m hoping that he eventually does a hotel because he has a lot of expertise in hospitality,” he said. “I’m hopeful that he’ll bring that to Wynwood because we’re ready for that.”
David Edelstein started his career as a real estate redeveloper in New York during the 1980s. Edelstein has since then extended his career to developing properties in Miami Beach where he is known both for his high street retail holdings and developing high-end hotel as the force behind the city’s W hotel.