October 4, 2016
The transformation of Little River is on the fast track, as one of the pioneering redevelopment projects announces it is fully leased.
Metro 1 Commercial said it has leased the Rail 71 building in the Little River/Little Haiti area of northeast Miami and is bringing in a number of new tenants, including Bousa Brewery, the neighborhood’s first craft brewery. Some of the other tenants include Rail 71 Cafe, Fede Interior Design, Bridger Conway, Creative Creative, Arravanti, Globaltex, Ironflower Gym and Nova Southeastern University. Leases range from about $19 to $26 per square foot, on a modified gross basis, a spokeswoman said.
Rail 71, at 7205 NE Fourth Ave., is a 128,654-square-foot warehouse sitting on 3.7 acres abutting the FEC railway in the fast-changing Little River section, where warehouses are being redeveloped into creative flex spaces for company offices, restaurants, galleries and retail showrooms. Metro 1 Development partnered with Avra Jain, developer and owner of Vagabond Group, and additional investors to convert the old industrial space for multiple creative ventures.
Office space rents now in the $40s per square foot in Wynwood are pushing tenants – and developers – northward. Jain is also developing the 25-acre Little River Miami development a couple blocks to the west, with Matthew Vander Werff. Jain, best known for her work renovating old Biscayne Boulevard hotels such as the Vagabond while preserving the MiMo architecture, and Tony Cho, CEO of Metro 1, purchased the Rail 71 building in 2014 for about $9.3 million. Other developers have been attracted to the neighborhood, too, bringing plans for mixed-use office space in a former church in El Portal, for instance, and joining MADE at the Citadel, a co-working space at 83rd Street and Northeast Second Avenue.
“We are excited about the incoming tenants to Rail 71 and the innovative mix they will offer for residents.” said Cho, in a statement. “We are committed to our vision of making the Little River Industrial District a premier creative urban neighborhood.”
Read more here: http://www.miamiherald.com/news/business/real-estate-news/article105792366.html#storylink=cpy