October 4, 2016
ASG Wynwood LLC just acquired a property in Wynwood for $53.5 million, the largest transaction in the history of the area, paving the way for a potential new retail project called Wynwood Park, per a press release.
The ASG Equities affiliate purchased 42,000 square feet of land on Northwest 2nd Avenue between 26th and 27th street, which is comprised of several buildings totaling 41,616 square feet. The sellers were the Mitrani family, with the deal being brokered by Metro 1 Commercial and Whitehall Realty Group.
Down the street from Wynwood Walls, the project calls for adaptive re-use retail and about an acre of open park space.
“Amazon can replace where you buy your toothbrush, but they can’t replace the retail experience,” said Tony Arellano, Executive Vice President of Metro 1 Commercial. “Wynwood Park was created to fill the demand of the millennial consumer and the renaissance of the urban retail experience. This is not a mall, this will be an open air retail experience under a tree canopy, in one of the country’s most creative neighborhoods, Wynwood.”
Renderings will be released in the coming weeks.
“Something about Wynwood captivated our attention,” said Raymond Gindi of ASG Equities. “Made in Detroit, Made in Brooklyn, Made in Wynwood, that means something today and that is a very powerful brand. We cannot wait for retailers and patrons to enjoy a sense of place while taking a walk in the park, Wynwood’s Park.”