Doug Levine Lists Wynwood Dev Site For $30M

Doug Levine is listing three Wynwood retail buildings primed for redevelopment, with an asking price of $30 million.

The Crunch Fitness founder and real estate investor is looking to sell the fully leased properties at 2324-2328 North Miami Avenue and 36-38 Northwest 24th Street, according to an offering. 

Dwntwn Realty Advisors is handling the listing.

Levine paid a combined $5.9 million for 0.7-acre assemblage in 2013 and 2014, records show. The buildings were completed in 1928 and 1950. 

The three buildings, totaling 25,855 square feet, are fully occupied, but the majority of tenants have expiring leases, the offering states. Tenants include 305 Degrees Burger Bar and Back Door Monkey bar nightclub. The site also comes with a liquor license. 

Potential buyers can redevelop the properties into an eight-story to 12-story mixed-use project with either 108 residential units or  216 hotel rooms, the brochure states. Under Wynwood’s zoning overlay, developers can also obtain bonuses to build an additional 54 residential units or an additional 108 hotel rooms. 

Levine is also willing to provide seller financing of up to 50 percent of the portfolio’s value, according to the offering. 

After selling Crunch Fitness in 2001, Levine moved from New York to Miami Beach, where he launched a second career buying old warehouse buildings and rehabbing the properties for office and retail uses, according to the website for Big Move Properties, his real estate firm. 

In January, Levine paid $11 million for 3.3 acres in Miami’s Little Haiti neighborhood. He plans to convert 50,000 square feet of warehouses on the assemblage at 400 Northeast 67th Street into office and retail with food and beverage uses. 

Last year, Levine paid $17.8 million for a pair of retail buildings also in Little Haiti, and bought his first commercial property in Fort Lauderdale for $15 million.