Alchemy Properties And Breakers Capital To Launch Mixed-Use Wynwood Development In Partnership With Galapagos Capital

Alchemy Properties, in collaboration with Breakers Capital, has announced a joint venture with Galapagos Global Capital Management LLC (“Galapagos Capital”) to bring a luxury condominium development to Miami’s Wynwood district. The project, first acquired in 2022 for $18 million, marks Alchemy Properties’ entrance into the Miami condo market.

Located at 18 Northwest 23rd Street, the site will be transformed into a dynamic, 12-story residential condominium and retail development, featuring approximately 206,000 square feet of residential space, 13,500 square feet of ground-floor retail, and over 30,000 square feet of state-of-the-art indoor and outdoor amenities. Sales will commence in early-2026, with construction expected to start in the first quarter of 2027. The project is fully entitled.

The development will offer approximately 186 residences, including studios, one-, two-, and three-bedroom units. Amenities include a fitness center, rooftop pool, event spaces, indoor and outdoor lounge, coworking spaces, and a pet spa. The building will have a garage with 167 parking spots.

Alchemy Properties Inc., one of the most reputable luxury residential condominium developers in New York City, will be overseeing the development, sales and marketing on behalf of the ownership group of Alchemy-ABR Investment Partners, Breakers Capital and Galapagos Capital.

“It says a lot about the strength and excitement of Wynwood and this particular project that we’ve been able to secure such a strong capital partner in Galapagos Capital for their first ground up project in the United States,” said Brian Ray, Co-Founder and Principal of Alchemy-ABR Investment Partners. “We’re excited to move forward with them for our first joint venture together and are confident that this partnership will lead to a best-in-class condominium project for a wide range of domestic and international buyers.”

“This is a compelling opportunity to create long-term value in one of Miami’s most exciting submarkets,” said Rodrigo Machado, Managing Director at Galapagos Capital. “Alchemy Properties has a strong development track record, and we’re proud to collaborate on this project to bring world-class residential living to Wynwood.”

Architectural firm Arquitectonica is leading the design in collaboration with interior design firm MKDA, creating a modern development that reflects the spirit of Wynwood. Construction is being handled by Beauchamp. JLL Capital Markets Miami’s Brian Gaswirth and Paul Adams managed the equity introduction, with Holland & Knight serving as Alchemy Properties and Breakers Capital Partners counsel and DLA Piper representing Galapagos Capital.

Alchemy-ABR Investment Partners Close On Wynwood Development Site For $18 Million

Alchemy-ABR Investment Partners, a fully integrated New York based real estate development and investment firm, have closed on a development site at 18 NW 23rd Street in Wynwood for $18 million. The property spans 36,079 SF and the acquisition represents Alchemy's first residential project in Florida. Israel Discount Bank provided financing for Alchemy-ABR Investment Partners to purchase the vacant lot from The Salvation Army, which is located across the street from The Salvation Army Family Store and Donation Center’s Wynwood location.

The mixed-use site will be developed into a 12-story luxury residential building with 186 units, multiple retail spaces, and a parking garage. Local architects Arquitectonica and MKDA have been commissioned to design the building with construction commencing in 2024.

“We are thrilled to announce that 18 NW 23rd Street will be our first residential development in Miami, Florida. Alchemy-ABR has a strong presence in the commercial real estate market in South Florida and we are looking forward to bringing our years of real estate expertise to the residential market, which is currently facing great demand. We are looking to design and build a best-in-class mixed use project that will add to the fabric of one of the most dynamic walkable neighborhoods in the Southeast,” said Joel Breitkopf, Co-Founder & Partner of Alchemy-ABR Investment Partners and Brian Ray, Co-Founder & Managing Partner of Alchemy-ABR Investment Partners in a joint statement.

6111 Broken Sound Parkway In Boca Raton Signs Over 22,000 SF In Office Leases

Alchemy-ABR Investment Partners, a fully integrated New York based real estate investment firm- together with its joint venture partner, Breakers Capital Partners, a Miami based real estate investment firm, have announced that it has signed 22,241 square feet of new leases and renewals at its Class A office building, 6111 Broken Sound Parkway in Boca Raton, FL.

Among the new group of tenants at the Atrium at Broken Sound are TGI Solar Power, which signed a seven-year, 7,728-square-foot lease; as well as PointsKash, the first blockchain enabled conversion platform that allows consumers to aggregate, convert and spend loyalty points, which committed to a 1,980-square-foot pre-built space with exposed ceilings; and Research Underwriters, which specializes in auto insurance and workers compensation for the transportation industry, and is taking 1,587 square feet of space. All three tenants had existing operations in Florida, but recently relocated to Boca Raton.

Additionally, Weinstock, Lovegrove and Reeg, CPAs and Consultants, a full-service public accounting and consulting firm, signed a three-year, 2,142-square-foot lease renewal at the property. Alongside Exam Coordinators Network, which provides a wide array of services to assist clients in managing the cost of medical claims and cases, and signed a five-year lease renewal for 8,804 square feet.

“The heightened leasing activity at the Atrium at Broken Sound together with retention of existing tenants illustrates the strong demand in the South Florida office market,” said Brian Ray, Co-Founder and Managing Partner of Alchemy-ABR Investment Partners. “This building is particularly attractive following our $1.25 million investment in modernizing and renovating common spaces throughout the building including the lobby, conference rooms, elevators and the parking garage.”

6111 Broken Sound Parkway offers best-in class office spaces and as a part of the building’s continued plan to upgrade the tenant experience, Alchemy-ABR and Breakers Capital are currently undergoing an update of the facade, as well as the addition of pre-builts to all vacant office spaces.

CBRE is the exclusive leasing agent for the building, led by Jeffrey Kelly, Joe Freitas, and John Criddle, and represented Alchemy-ABR and Breakers Capital on all deals. TGI was represented by Beth Lawrence with Lehman Realty, while the other two new leases were done in-house. Ryan Nunes with JLL represented Exam Coordinators.

Image via CBRE

DePuy Synthes Product, Inc. Leases Palm Beach Gardens Office Space Expanding South Florida Footprint

DePuy Synthes Product, Inc., a Johnson & Johnson company, and a leading global provider of Orthopedics products, is expanding its presence in South Florida after signing a a 9,481 square foot lease at 4400 Northcorp Parkway in Palm Beach Gardens, Florida. DePuy Synthes Product, Inc. will occupy the build-to-suit space on the 2nd floor of the office building. DePuy Synthes Product, Inc. is slated to take occupancy in September 2021. 4400 Northcorp Parkway is owned by Alchemy-ABR Investment Partners, a fully integrated New York based real estate investment firm, together with its joint venture partner, Breakers Capital Partners, a Miami based real estate investment firm.

Alchemy-ABR Investment Partners was represented by Gavin Loughlin of Greenberg Traurig and Anthony Librizzi of Cushman & Wakefield in the transaction. DePuy Synthes Product, Inc. was represented by CBRE.

“4400 Northcorp Parkway is an ideal office setting for the most competitive industries and organizations and this lease is indicative of the strength of South Florida’s overall office leasing market,” said Brian Ray, Co-Founder and Managing Partner of Alchemy-ABR Investment Partners. “We’re committed to our tenants and are looking forward to welcoming DePuy Synthes Product, Inc. to 4400 Northcorp Parkway.”

4400 Northcorp Parkway is part of the larger office park, 4200-4400 Northcorp Parkway, that consists of two Class-A office buildings totaling 115,000 square feet. Completed in 1996, 4200-4400 Northcorp Parkway features extensive capital improvements including renovated, premium office fit-outs, contemporary base building lobby and common areas, as well as modern mechanical and roofing systems.

Located in the center of Palm Beach Gardens, the property enjoys convenient access to Palm Beach, Broward and Miami-Dade Counties and has attracted a diverse tenant base, further showcasing South Florida’s dynamic market. Alchemy-ABR Investment Partners and Breakers Capital purchased 4200-4400 Northcorp Parkway in 2016 and is currently renovating the lobby space of the 4200 Northcorp office building. The two firms jointly own additional commercial real estate assets across South Florida including 6111 Broken Sound Parkway in Boca Raton, Florida.