Griffin-Linked Broker Quietly Buys All 35 Units at Wynwood Lofts

Five business entities managed by real estate broker Mario Borda have acquired all 35 units at Wynwood Lofts, the low-slung live/work condo building at 250 NW 23rd Street in Miami's Art District. The buyout, which saw individual units change hands for far more than their assessed values, is the latest sign that Wynwood's older condo stock is being quietly consolidated for something bigger.

According to The Real Deal, the entities behind the purchases — PRA Wynwood LLC, PRB Wynwood LLC, PRC Wynwood LLC, PRD Wynwood LLC and PRE Wynwood LLC — bought out the building unit by unit. Borda is described in the report as a broker linked to Citadel founder Ken Griffin, and the outlet notes that twenty-two of the units alone sold for a combined $20.2 million, averaging $919,515 per unit. One unit reportedly sold in 2025 for double its assessment value, underscoring just how far above market norms these deals landed.

The land beneath Wynwood Lofts is now considered more valuable for redevelopment than the four-story building itself, per the same account. Completed in 2005 by developer David Lombardi of Lombardi Properties, the 35-unit building was designed with 12-foot ceilings, polished concrete floors and a rooftop pool as an industrial-style live/work space for artists and creative professionals, according to Miami Condo Investments. It's also credited as the City of Miami's first purpose-built live/work industrial condo development, helping kick off Wynwood's shift from warehouses to galleries and lofts, per a Redfin listing history for the building.

A Familiar Playbook From Brickell

Borda's name carries weight in South Florida real estate circles because of his prior work assembling units at Solaris at Brickell Bay, where Citadel spent more than $125 million to acquire all 138-plus condos for site assemblage near Griffin's planned Brickell headquarters, according to Briefs. In that deal, Borda managed Delaware LLCs that picked off individual units before forcing a condo termination, a structure that echoes the five Wynwood LLCs now tied to his name.

Griffin already has a substantial footprint in the neighborhood. Earlier this year, he partnered with Goldman Properties to buy 545wyn, a 10-story Class A office tower at 545 NW 26th Street, for roughly $180 million, a deal Hoodline previously reported. Whether Citadel has any formal involvement in the Wynwood Lofts assemblage remains an open question — the report does not confirm the company's role, and Griffin's Brickell headquarters project has itself continued to evolve, with the 54-story tower at 1201 Brickell Bay Drive retooled in June into an all-office building with an added 300-unit residential component and a 1,420-space garage.

Griffin's Broader South Florida Spending Spree

The Wynwood Lofts buyout arrives amid a run of eye-popping South Florida real estate deals. Griffin himself has spent over $1 billion purchasing prime residential real estate in the region and is separately assembling a 27-acre oceanfront compound in Palm Beach, per the report. Elsewhere in West Palm Beach this year, Steve Ross paid $25 million for a waterfront condo, while Gilbert Benhamou and O.D. Kobo together paid $430 million for two waterfront condos.

Condo Law Shapes the Buyout Landscape

Bulk condo buyouts like this one are trending across South Florida as developers hunt for redevelopment sites, but the legal terrain has shifted in owners' favor. In October 2025, the Florida Supreme Court declined to review Avila v. Biscayne 21 Condominium, leaving in place a Third District Court of Appeal ruling that bars developers from retroactively lowering a condo's 100% unanimous termination-vote threshold without full owner approval, according to DarrowEverett LLP. That precedent raises the stakes for any developer hoping to force a holdout owner to sell.

Meanwhile, post-Surfside legislation known as SB 4-D and HB 913 has mandated Structural Integrity Reserve Studies and barred associations from waiving reserve funding for critical structural components since December 31, 2024. Those requirements, outlined by GoverningDocs, have triggered heavy special assessments on older condos statewide, pushing some owners toward buyout offers rather than footing the bill for repairs. Wynwood's zoning also plays a role: the NRD-1 overlay, established in 2015 by the city and the Wynwood Business Improvement District, replaced light-industrial rules with mixed-use allowances capped at 8 to 12 stories, according to the City of Miami Planning Department — entitlements that make low-rise sites like Wynwood Lofts attractive for redevelopment. It remains unclear what specific redevelopment plans, if any, are in the works for the site, or whether Borda secured full consensus from every unit owner without holdouts.

Land assembly elsewhere in the neighborhood has also cooled somewhat on price. A Turkish investment group paid $14.5 million in May for a five-parcel, 0.76-acre assemblage at 85 NE 27th Street on Wynwood's eastern edge — a 23% drop from its 2022 sale price of $18.75 million, reflecting elevated borrowing and construction costs across the market.