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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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Evolve Acquires Wynwood Property, Housing Development Planned

Evolve Wynwood closed on a land acquisition in Miami’s Wynwood neighborhood where it plans to develop 141 units of housing.

Mery Najera Dominguez and several associated LLCs sold the 1-acre parcel at 535-585 NW 35th Street for $9.8 million to Evolve’s Mike Winstead Jr. and Joe McKinney, who have launched the design of the housing project through Kobi Karp Architecture.

They expect the project to be completed by the end of 2024.

“The location is in a good long-term growth market for multifamily in proximity to the Wynwood Arts District and Miami Design District,” Winstead said in a statement.

Fabio Faerman with Fortune International Realty brokered the deal on behalf of Evolve. The new owners plan to build eight stories of housing.

Evolve’s development sits within the northwest corner of Wynwood just off Interstate 95, near where the Design District, Model City and Allapattah meet.


Source:  Commercial Observer

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