The Rubell family has cashed in on a key slice of Allapattah, selling a one-acre lot a block from their namesake museum to developer Neology Group for $15 million, records show. The site at 1000 Northwest 23rd Street is set to launch a three-phase residential project the Rubells, Neology and Lion Development Group unveiled last year, turning a property the family bought for about $5.35 million in 2021 into a quickly liquified development play.
According to The Real Deal, county records list the sale price at $15 million for the one-acre parcel at 1000 Northwest 23rd Street. The outlet reports the lot is the opening move in a three-part plan for the block near the Rubell Museum, with the developers keeping specifics on the later phases under wraps for now.
Plans and partners
Bisnow reported that the first phase is planned as a 21-story tower with roughly 330 residential units and about 10,000 square feet of ground-floor retail, with construction targeted for completion in 2029. Neology Group founder and CEO Lissette Calderon told Bisnow the goal is to give residents a chance to “live close to world-class cultural institutions,” positioning the project as art-forward housing. Michael Simkins’ Lion Development Group is listed as a partner in the multistage development.
Rubells' land play
Public records show the Rubells bought the lot in 2021 for about $5.35 million, translating into roughly a threefold gain in five years, according to Traded.co. The vacant parcel sits across from the Rubell Museum’s 100,000-square-foot campus at 1100 Northwest 23rd Street, which has become an anchor of the neighborhood’s development surge. The museum’s website lists its Allapattah address and highlights its role in drawing cultural visitors to the area; more location details are available at RubellMuseum.org.
What this means for Allapattah
The sale underscores how Allapattah, long a fruitpacking and industrial corridor south of Wynwood, is being rebranded as a mixed-use arts district, Bisnow noted. Developers and gallerists have been steadily buying up property as cultural hubs and new apartment buildings fill in the blocks, raising questions about how this next wave of growth will land with longtime residents and merchants. Neology’s earlier Allapattah projects, including No. 17 Residences and The Julia, signal that the firm is betting on continued demand for units tied to the neighborhood’s arts scene.
For now, the developers say the sale clears the way for the initial tower, with more information on phases two and three expected later this year, according to The Real Deal. Upcoming city filings and permit applications will spell out construction timelines, parking plans and any public-benefit commitments as the project advances. We will update this post as new filings and official statements surface.
