Development Site In Miami’s Art & Entertainment District Sells

APEX Capital Realty recent closed on a 38,310-square-foot development site located at 1635 North Miami Ave in Miami.

APEX’s managing broker and president, Miguel Pinto, represented the buyer, LNDMRK Development. Samuel Heskiel with Beachfront Realty represented the Seller, JRSY LMTD.

The property’s seller, Steven Gombinski, represents a family organization that has been crucial in the redevelopment of Lincoln Road.

The Buyer, Alex Karakhanian, owns a diverse portfolio of commercial properties around Miami’s urban core neighborhoods and is currently developing a variety of new buildings in Wynwood and surrounding areas.

“The A&E District has proven very interesting for redevelopment due to being sandwiched in between Wynwood, Edgewater and Downtown. The district is also in an opportunity zone and has special zoning characteristics that allow someone to realize a high-density count on smaller sites,” said Pinto.

The site features a 17,616-square-foot flex warehouse building. The existing tenants include Aluniq Kitchen and Bath, Elev8tion Fitness, and The Temple of Boxing. The tenants will continue to make the building their home as nothing is planned for the site at this time.

The development site is located in the bustling Arts and Entertainment District. It is currently zoned for T6-24A-0, which will allow for a building up to a height of 48 stories. The site is also located within a federally designated Opportunity Zone.

The Arts and Entertainment District was originally crafted after the development of the Filling Station Lofts and Park Lofts which recentered the gravity to this area. The A&E district is now home to a variety of projects including Canvas, Square Station, Melody Tower, and Art Plaza. Also, in the pipeline for the neighborhood there is Wynwood Haus by Lineaire Group and Casa Bella by the Related Group. It is also home to a variety of interesting businesses and attractions including, The Frederic Snitzer Gallery, Esotico Miami, Vice City Bean and Ampersand Studios. The neighborhood also features Metromover access and is next to the upcoming Signature Bridge project that will reshape Downtown Miami.