1 Comment

Another Wynwood Dev Site Hits The Market Asking Above $30M

In a span of weeks, a second Wynwood development site is hitting the market with an asking price above $30 million.

Miami-based real estate investor Joseph Cohen is listing the 1-acre assemblage with an asking price of $35 million, according to Juan Andres Nava and Andy Charry with Metro1 Commercial, the brokers marketing the site.

Across Miami, development sites are selling at record prices, with nearly $808 million in sales last year.

Cohen, owner of the nearby Wynwood Block retail building, acquired the assemblage’s three properties at 2100 Northwest North Miami Court, 2101 Northwest First Avenue and 2127 Northwest First Avenue for a combined $3.2 million between 2012 and 2014, records show.

With large development sites in Wynwood virtually gone, Cohen is following in the footsteps of New York-based Thor Equities, led by Chairman Joe Sitt. About three weeks ago, Thor placed a 0.7-acre development site on the market with an asking price of $32 million. The five-parcel assemblage at Northwest 28th Street and Northwest Second Avenue is primed for a mixed-use project.

“Joseph’s property is the largest parcel available in [Wynwood],” Nava said. “Anything else that’s an acre or more has traded. Given the scarcity of land, at this moment it presents an opportunity for the influx of developers coming from all over the world into Wynwood.”

Cohen’s assemblage has three converted warehouses totaling about 54,000 square feet that can be redeveloped into a five-story mixed-use project with 162 residential or hotel units. However, a 2020 amendment to Wynwood’s zoning code allows bonuses for three additional stories and increased density of either 244 apartments or 488 hotel rooms, Nava said. The potential for a bigger development factored into the asking price, he added.

“Very few properties have closed since that zoning [change was adopted],” Nava said. “We have an opportunity to capture that value, and that is how we arrived at that price.”

To get the bonus height and density, developers have to abide by certain requirements. Among them, building units of 600 square feet or less, and paying $20,000 per additional unit into a neighborhood trust fund, Nava said.

The evolution of the Wynwood buyer pool also factored into the asking price, Charry said.

“Before, you had a specific group of developers and investors who were willing and able to purchase these types of properties,” he said. “From an asset class standpoint, you not only have multifamily, you also have offices and hotels. That creates a little bigger buyer pool.”

Charry noted Cohen’s assemblage is surrounded by new projects that are under construction or in the pipeline such as Quadram Global’s Arlo mixed-use hotel, Clearline Real Estate’s mixed-use apartment project and Fisher Brothers’ proposed apartment building on the site of the former Miami Rescue Mission headquarters.

In the most recent of those deals, Clearline paid $19.1 million for its 1.4-acre development site in Wynwood in April.


Source:  The Real Deal


No Comments

Transit-Oriented Wynwood Parcel Sells For $19.5 Million

Metro 1 announced the $19.5 million sale of a 1.4-acre development site in Miami’s Wynwood neighborhood.

Located at 45 Northeast 27th Street, the site is zoned T5-O under Wynwood’s NRD-1 zoning overlay and steps away from the proposed Wynwood commuter rail station and two potential Metromover stations. Metro 1 managing director Juan Andres Nava represented the sellers, CHO RE Holdings, LLC (a Tony Cho owned entity) and Scott Silver and Newcomb Properties LLC, while the firm’s Jack Conrad represented the buyer, Fifield Companies.

The transaction emphasizes continued demand for Wynwood real estate and expansion of Miami’s mixed-use development pipeline and transportation-oriented development.

“The Metro 1 team prides itself in thoughtfully curating these types of deals, connecting buyers with the right sites to not only ensure successful development, but community wide benefits,” said Metro 1’s Nava. “Demand for Wynwood development opportunities is incredibly strong as one of Miami’s cultural hubs and sought-after locations for relocating companies in the tech and finance sector.”

Still in the planning stages, Fifield looks to develop a mixed-use apartment community on their newly acquired site. Preliminary plans include 210 rental units, 11,500 square feet of retail and 296 parking spaces. The development would also include a pedestrian “paseo” connecting Northeast 27th and Northeast 28th Streets.


Source:  CRE-sources


© 2023 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.