May 3, 2016
Wynwood is seeing strong investor activity. The Downtown Miami neighborhood is attracting buyers that see the long-term potential of the artsy sector.
In a record deal, 201 Northwest 21st Street just sold for $22 million. Metro1 CEO Tony Cho and executive vice president of Metro1 Commercial Tony Arellano listed and sold the asset within 30 days. The duo represented both the seller and the buyer.
“Wynwood is an extremely special and unique submarket and we are very proud to have been part of its creation and evolution,” says Cho. “It requires keen market knowledge and experience to fully understand and communicate the incredible value and the tremendous upside potential of this neighborhood.”
Metro has closed $65 million in sales in Wynwood in the month of March. According to Cho, the current momentous Wynwood sales trend stands as a testament to the strength and continuing transformation of the area into a regional epicenter for art, culture and creative business. According to CoStar, Metro 1 is the top sales and leasing broker in Wynwood.
201 Northwest 21st Street spans a full block between 21st and 22nd Streets with 420 feet of frontage on the corner of coveted Northwest 2nd Avenue. This property includes a 26,764 square foot building on 48,476 square feet of land and offers the buyer an opportunity to make a distinct mark in the Wynwood corridor. Wynwood Propco managed by Remy Jacobson, sold the asset.
The Wynwood Arts District, formerly known as Miami’s Garment and Fashion District, is witnessing a bona fide transformation with major residential, retail and office properties under development. Vogue magazine rated Wynwood ninth in its 2014 list of “Coolest Neighborhoods in the World.” The Wynwood area is already home to some of Miami’s most cutting-edge restaurants, art galleries, and unique boutiques.
“The Wynwood NRD Plan sets forth new zoning guidelines for Wynwood that will encourage new, mixed-use residential and office developments, create dedicated funding for neighborhood improvements, promote pedestrian-focused activated streets and preserve the area’s unique artistic and industrial character,” David Polinsky, a Wynwood Business Improvement District (BID) board member and planning committee chair, tells GlobeSt.com. “The goal is to ensure Wynwood’s continued evolution as a center for creativity that attracts visitors, innovators, and residents.”
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