Church near Flagler Village to be redeveloped into mixed-use project

Posted :
June 30, 2020
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As reported in The Real Deal.

A Miami developer bought the Fourth Avenue Church of God near Fort Lauderdale’s Flagler Village, with plans for a mixed-use project that will have a food hall.

Eduardo Pelaez’s Wellmeaning Investments acquired the 1.2-acre site at 1219 and 1239 Northeast Fourth Avenue for $2.4 million. The property includes a 6,721-square-foot building and a 12,508-square-foot building, according to a release. The church plans to relocate following the sale.

Pelaez is planning to build an adaptive re-use project with a food hall and additional retail and entertainment uses.

“I can see a project similar to what we were doing in Wynwood early last decade, with concepts reminiscent of Zak the Baker and Panther Coffee,” Pelaez said in the release.

Pelaez’s company is a family-owned private investment and development firm that assembled four blocks in Wynwood starting in 2009, the release said.

Cardaci is planning to open a restaurant, bar and live music venue called The Sanctuary inside the building at 441 North East Third Avenue.

Investors, including multifamily developers, are targeting Flagler Village, an area designed as a trendy arts district mirroring Miami’s Wynwood neighborhood.

In January, TA Realty bought a 340-unit apartment project in Flagler Village for $112 million from a partnership between Morgan Group and JPMorgan. Mill Creek is also building a 24-story, 350-unit luxury apartment building called Modera 555 at 812 Northeast Fifth Avenue in Flagler Village.