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Wynwood Norte Development Site Sells For $9 Million

APEX Capital Realty announced the recent closing of a 30,685-square-foot development site located at 475 NW 36 Street in Miami.

APEX’s COO/Partner Martin Bravo, Vice President Jamie Rose Maniscalco, and Commercial Advisor Thano Mazas represented the seller, C.G.Y. Corp.

The buyer, Evolve Companies, is a development, management, and construction firm focused on multifamily and student housing. With over 1 billion properties under management, Evolve Companies specializes in selecting, developing, and constructing properties all over the U.S. Southeast.

Evolve companies paid $8.975 million for the site.

The firm has now set its sights on Miami and has just recently announced plans for Evolve Wynwood, a 141-unit apartment building that will offer market-rate rentals in the Wynwood neighborhood.

With a determination to grow its footprint in the Wynwood area, Evolve has counted itself among the many developers that have an increased desire for the Wynwood Norte area. Wynwood Norte has served for decades as a working-class, live-work neighborhood for the broader City of Miami. Due to its location within the urban core and close proximity to the Wynwood Arts District, Midtown, and Downtown Miami, developers are working at an accelerated pace to acquire properties in the area as it is now seen as the next great area for development.

475 NW 36 Street is located within the Wynwood Norte neighborhood and falls within the NRD-2 (Neighborhood Revitalization District-2) zoning overlay. The newly implemented overlay allows for additional benefits over the T6-8-O zoning including the transfer of development rights to increase density.

The site also offers access to fast-growing neighborhoods including Midtown Miami, The Miami Design District, Allapattah, Edgewater and Downtown Miami. With maximum exposure, the property is situated in an ideal location and offers a great opportunity to develop a project which will undoubtedly bring great success.


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Downtown Miami Dev Site Zoned For 80-Story Tower Hits Market

A downtown Miami investor is looking to sell his assemblage near Miami Dade College’s Wolfson campus.

The 1-acre assemblage at 222 Northeast First Avenue, and 50 and 60 Northeast Third Street, hit the market unpriced. The three lots are zoned T6-80-O, which means they can be developed into an 80-story tower, or even taller in exchange for public benefits.

Property records show entities managed by investor Daniel Stone own the three properties. The parking lots are next to Miami Dade College and across the street from the David W. Dyer Federal Building and U.S. Courthouse.

Rani Hussami of Apex Capital Realty has the listing. According to a zoning study by architect Kobi Karp, the property could be developed into more than 1 million square feet of residential, hotel and office space with 80 percent, or 36,000 square feet, of the lot covered.

Records show Demeris Inc., led by Stone, paid $2 million for the two lots on Third Street in 2006, and another Stone-led LLC paid an undisclosed amount for the larger property immediately south in 2008.

Two blocks north, a similarly sized lot at 49 Northwest Fifth Street recently hit the market. That property, across from Brightline’s MiamiCentral station, is unpriced, but could trade for more than $40 million, according to the listing brokers.

Also nearby on Northeast Third Street, Grand Station Apartments recently launched leasing. Rovr Development built the 30-story tower on top of the existing Courthouse Center garage. Retired baseball superstar Alex Rodriguez invested in that project.


Source:  The Real Deal

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Wynwood Is Getting An Eco-Friendly Hotel At The Site Of The Art By God Store

Art by God, the museum store specializing in furnishings and jewelry made from natural artifacts, is proceeding with negotiations for the sale of its Wynwood location. Fittingly, the site is set to become an earth-friendly hotel.

The 21,155 square-foot store, located at 60 NE 27th St., is part of a four-parcel assemblage totaling more than 56,000 square feet and currently priced at $15.6 million. The acquisition includes three other lots at 26 NE 27 St., 25 NE 26 St. and 61 NE 26 St.

The buyer is the Miami-based Lucky Shepherd, a multi-company firm founded in 2016 that specializes in holistic wellness in technology, real estate and design.

The new owners plan to raze the existing property and build a 150-key eco-friendly lodging, with 48 residential units, a farm-to-table restaurant, a speakeasy and a rooftop pool and bar. Touzet Studio is the architect on the project. Gensler will handle the interior design. Construction is expected to begin in late 2021 and last 24-30 months.

Gene Harris, who founded Art By God Inc. in 1982, paid $350,000 for the 1.29 acre assemblage in 1997. He opened the Wynwood store on the property in 2014. The Harris family is still deciding whether to open a store at another location or go entirely online.

Andy Charry of Metro 1 (formerly of APEX Capital Realty), represented the seller. Arden Karson, managing principal of Karson & Co., together with Mika Mattingly and Cecilia Estevez with Colliers International Florida’s Urban Core Division, represented the buyer.

“Just like 2020, this transaction has been very challenging,” Charry said. “I’m grateful to everyone who is helping to push this deal to the finish line. The buyers are getting a phenomenal site.”


The property, which was sold off-market, has been under contract since November 2019.

The hospitality industry has been banking on Wynwood as a lucrative hotel location to capitalize on its flood of annual visitors (more than four million in 2019, according to the Wynwood Business Improvement District).

The San Francisco-based Sonder is currently developing a 72-room hotel at 111 NE 26th St., just one block from the Wynwood Walls. The international firm Quadrum Global is developing a nine-story, 217-room hotel at a three-parcel assemblage it bought for $8.5 million at 2217 NW Miami Court.

The New York-based Domio leased an entire 175-unit building developed by The Related Group and Block Capital Group, originally intended as apartments, and is operating it as a hotel at 51 NW 26th St.


Source:  Miami Herald

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