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Stretch of Miami's Wynwood on market for $22.5M

March 3, 2016

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The nearly half a block in the red hot Wynwood neighborhood of Miami has been put on the market for $22.5 million.

Land prices in Wynwood have skyrocketed in recent years as it’s been transformed from a warehouse area into an arts, retail and restaurant district. A recent rezoning allows for buildings of up to 12 stories and more residential density, among other changes.

Metro 1 Commercial represents Wynwood Propco in listing 201 N.W. 21st Street and 210 N.W. 22nd Street – both of them running along Northwest 2nd Avenue. It currently has a 26,764-square-foot building from 1941 on a 49,000-square-foot lot.

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Wynwood Propco, managed by Remy Jacobson in Aventura, paid $3 million for the property in 2014 and is seeking a significant return on investment here. Since the property last traded, the new Wynwood zoning could allow it to be developed as a 139,866-square-foot building with 62 units, according to Metro 1 Commercial.

Also recently listed in Wynwood by Metro 1 Commercial: the 19,065-square-foot building on a 30,000-square-foot lot at 2217 N.W. Miami Court for $8.5 million, the 2,168-square-foot building on a 7,098-square-foot lot at 3425 N.E. 2nd Ave. for $4.9 million, and the 5,000-square-foot building on a 10,214-square-foot lot at 9 N.W. 25th Street for $4.925 million.

“As a pioneering presence in Wynwood, we are enthusiastic about this latest surge of market activity and feel that any of these properties offer a chance for a buyer to establish a significant presence in the area.”

said Tony Cho, CEO and founder of Metro 1.

“With the neighborhood identity continuing to strengthen, we remain at the forefront of the emergence of the urban core and serving as a catalyst for these exciting changes.”

Source: http://www.bizjournals.com/southflorida/news/2016/02/26/stretch-of-miamiswynwood-on-market-for-22-5m.html?ana=twt

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