The Rubell real estate and art family sold another property in Allapattah to Neology Group in two deals totaling $24 million, the South Florida Business Journal reported.
Neology paid $370 per square foot for the 46,870-square-foot warehouse sitting on 1.49 acres at 1090 Northwest 23rd Street.
The property was sold in two separate deals, but the parcels together make up the original site, according to Sarah Gortarez, a commercial real estate analyst at Vizzda.
The property, which the Rubells bought for $10.7 million in 2022 and includes a warehouse built in 1946, more than doubled in value.
This deal follows the Rubell family’s sale of another nearby development site to Neology for $15 million, which is the first part of a three-part residential project planned last year by the Rubells, Neology and Lion Development Group.
Records show the Rubells bought the lot in 2021 for $5.35 million, nearly tripling in value over five years.
The land also is near the Rubell Museum, a 100,000-square-foot art campus with 33 galleries in several interconnected warehouses. The museum is at 1100 Northwest 23rd Street.
The warehouse deal was slated for phases two and three of the project.
Lissette Calderon’s Coconut Grove-based Neology, the Rubell family and Michael Simkins’ Miami-based Lion said in December that project details of phases two and three were expected this year, however those plans have not yet been disclosed.
Part one plans call for a 21-story building with 330 residential units and 10,000 square feet of ground-floor retail.
Allapattah sits just south of Wynwood and has attracted developers’ and gallerists’ eyes. The neighborhood was traditionally a Dominican enclave where the primary industry once was fruitpacking.
The Rubells, longtime Miami Beach developers, first opened their art collection to the public in Wynwood in 1993. After helping put the neighborhood on the map as a cultural destination, they moved the museum to Allapattah in 2019 and have continued acquiring property in the emerging neighborhood.
Simkins’ Lion has partnered on several Miami developments, including the first branded residence for Palm Tree Crew, the lifestyle and music festival company founded by DJ Kygo and his manager Myles Shear. Lion is developing the short-term-rental-friendly condominium project alongside PMG, Eden Residential and Sterling Equities. The firm also partnered with PMG and Marc Roberts on the 659-unit 38 West Eleventh Residences Miami, one of several towers the trio has planned in Miami.
Calderon’s completed apartment projects in Allapattah include the 192-unit No. 17 Residences, finished in 2021; the 323-unit The Julia Residences, which was completed last year; and the 237-unit Fourteen Main Street Residences, also completed in 2025.
—Eman Elshahawy
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