Wynwood Movement Gaining Momentum

The throngs of people that flocked to Wynwood for the Art Basel satellite  fairs last week  walked around the neighborhood with confidence–relaxed, gazing  at the walls, admiring the murals, dancing in the street to DJs, and visiting  the cafes, restaurants and food trucks. But the area wasn’t always this  inviting.
Tony Goldman, the New York  developer who funded the creation of  Wynwood Walls and much of Wynwood’s  early development, has produced a new mini documentary series “Here Comes the  Neighborhood, which chronicles the history of how the gritty  industrial neighborhood began to morph into an art center in 2009, and ponders  on the area’s future.
Thanks to the vision of deep-pocketed developers like Goldman and the collaboration of  gallery owners and artists, Wynwood has established itself as an art hub and one  of Miami’s genuinely up-and-coming areas.
Perhaps Goldman should produce a sequel series entitled, “Here Come The Deals.”
Metro 1 Properties announced the recent sale of a 7,450 SF live work warehouse located at 2135 NW 1st Avenue in Miami that is more commonly known as Charcoal Studios for a price of $1.050M or $141 PSF. The seller, Paul Greco, was represented by Metro 1 Properties’ Commercial Sales Director Tony Arellano.
Charcoal Studios is an industrial loft which was re-purposed into a live work space. “More and more people are beginning to understand and appreciate the dynamic location and intrinsic value of Wynwood. For someone who wants something creative with great upside, Wynwood is the place to be,” said Arellano.
Metro 1 Properties, Inc. also confirmed the sale of 3.22 acres of land on NW 2nd Avenue and 22nd Lane in Wynwood to Megan Holdings, LLC, from Artist Lofts, LLC, an entity owned by David Lombardi and his investors for $3.6M. Tony Cho, President & CEO of Metro 1 Properties represented the buyer in the transaction.
This site has been used most notably for the food trucks during Wynwood’s Art walk. Tony Cho, whose company is handling the portfolio on behalf of the current owner, says the site will continue to host the food trucks and hopes to add additional special events that will contribute to the already great art, music and entertainment scene that exists in Wynwood.
“This acquisition is part of a larger plan for future development, but it is a key piece to the puzzle. We believe Wynwood is one of the most exciting neighborhoods in Miami’s urban core and has tremendous upside potential.”
Metro 1 has been actively involved in brokering deals in the urban core for over 6 years and has been involved in the leasing and sales of more than 300,000 SF of buildings and over 25 acres of land in Wynwood alone over the past 2 years.
Mizrach Realty Associates also recently closed a Wynwood deal.  Ari Dispenza and Larry Mizrach, both of Mizrach Realty Associates sold two buildings, located at 42 & 50 NE 25th Street in Miami’s Wynwood district.
The buildings, totalling 23,278 square feet, sold for $2,235,000.  The deal closed on December 8, 2011. Kaco AFE, LLC was the Buyer, Rosenthal, LLC was the Seller.
Source: Miami Herald



Get the latest industry news and information from CRE-sources delivered right to your email inbox!

And we promise…no more than one email each morning.