A record-breaking year for WynwoodOctober 3, 2016
Abandoned factory warehouses were once the main attraction in Miami’s Wynwood neighborhood. In recent years, the influx of boutique businesses and retailers, art galleries, urban street art murals and the Art Basel fair has transformed the area into a vibrant art and culture haven catering to residents and drawing celebrities, international tourists, developers and investors. The latest investment into Miami’s premier art and entertainment district includes the sale of 42,000 square feet of land, purchased for $53.5 million by The ASG Equities, which now holds the title of largest transaction in the history of the area, according to a press release.
The land sale, which included several buildings located on Northwest 2nd Avenue between 26th and 27th street, is slated to become a mixed-use project which includes open air retail space and an a acre of park space, dubbed Wynwood Park. Other recent high sales include the $41.5 million real estate investment firm Thor Equities for a Wynwood block about a year ago, the $35.3 million paid for a set of warehouses along Northwest 2nd Ave. this spring and three more sales ranging between $22 million and $27 million, according to reports.
Once recognized as the Garment district, home to clothing retailers, manufacturers and logistics companies, Wynwood has become a globally recognized destination for all things art, fashion and creative innovation. Developer interest in the Wynwood Arts district has heightened over the years and various organizations have worked to establish the City of Miami’s first Neighborhood Revitalization District (NRD) within the Wynwood Arts District. With this recognition and reputation many developers have eyed the area for expansion, buying up a critical number of land and warehouses in an effort to rebuild and rebrand Wynwood.
Latest Wynwood Projects and New Developments
Wynwood Park, located at 2600-2630 NW Second Ave. adjacent to the Wynwood Walls, will be developed into a flagship two-story open air retail project with an acre of park space.
Mana Wynwood, is a 24-acre mega mixed-use development project, by developer Moishe Mana, is proposed to be a hub for creative office space, trade, education, and much more and will include art galleries, a new fire station, residences and a public open space called the Wynwood Commons.
Wynwood 29, Miami’s Related Group and Metro 1 Development recently proposed the construction of micro-condos for young professionals and artists. According to reports, 1.2 acres of land located at 2828 NW First Ave will become a mixed-use (residential, office, retail and parking) project with 182 condos.
Wynwood 25, the project at 400,000 square feet is to include 289 rental apartments, about 31,000 square feet of ground floor retail and 340 parking spaces located at 277-339 NW 24th St. and 240-292 NW 25th St., west of Northwest Second Avenue.
Wynwood Square, a mixed-use development at 2201 N Miami Ave., includes a 12-story structure with 267 residences, 26,000 square feet of ground-floor retail, 55,000 square feet of offices and a 500-car garage.
G40 Wynwood aims to mix 72 residences, 68 hotel rooms, about 11,000 square feet of ground floor retail and 47,000 square feet of offices. The eight-story structure is to have underground parking for about 100 cars, with more parking off-site at a Goldman Properties facility now in design. Located at 2700 NW Second Ave., 235 and 257 NW 27th St., 252, 268 and 276 NW 27th terrace.
District 36, a 1.3-acre site, newly constructed 19-story new development, which will include 195 rental apartments, 61,500 square feet of retail and restaurant space on the first and second levels, four floors of enclosed parking, and an amenities and pool deck.
Wynwood Garage, totaling 226,054 square feet, the parking garage will sit on a 36,250-square-foot lot that fronts Northwest 3rd Ave, Northwest 26th Street and Northwest 27th Street. Its address is 2660 Northeast 3rd Avenue. The eight story garage will house 20,594-square-feet of retail space on the ground floor and 23,618-square-feet of office space on the top floor.
Wynwood Arcade, newly converted warehouse accommodates retail and restaurant development space by East End Capital, the new project was recently completed at 50 NW 24th St., and currently houses The Salty Donut, Bonobos, a new culinary and craft cocktail experience and other local boutiques.