Wynwood’s Challenge Shifts From Establishing A Vision To Juggling Offers

Ari Dispenza of Mizrach Realty Associates represented the Buyers, EEFC 2214 NMA OWNER, LLC and EEFC 74 NW 24 OWNER, LLC  in the $5,015,000 sale of a warehouse facility and vacant lot in Wynwood, just south of Midtown Miami development and Miami Design District.
The 21,000 square foot property and 3,500 square foot lot are located at 2214 N Miami Ave. and 74 NW 24 St., Miami.
The deal closed on May 6, 2014.

“The surge in interest in the Wynwood section of N Miami Ave. as of late is exciting. While properties have been trading with regularity for some time now, it has clearly intensified, largely due to anticipated up-zoning and the mixed-use developments being drawn up,” said Dispenza.

Earlier this year, a City of Miami board allowed a developer in Wynwood to construct the densest building in the burgeoning neighborhood.
The Planning, Zoning and Appeals Board voted 7-1 in favor of developer Wynwood 250’s request for a zoning change giving it the ability to build one or more eight-story structures and up to 80 apartment units on a half-acre property on Northwest 24th Street. Wynwood 250 is a partnership between David Polinsky and Bradley Carlson.
Until the zoning change approval, redevelopment efforts have been limited to adaptive re-use.
Allison Turk of EWM represented the Sellers, 2214 LLC and Ajax Holdings, LLC.

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About Mizrach Realty Associates: Mizrach Realty Associates is a commercial real estate company providing full-scale brokerage services in Commercial Real Estate in Miami-Dade County, including Industrial, Office, Retail, Land, and Multifamily transactions.  Mizrach Realty Associates has been based in Wynwood, Florida for 15 years. For more information, please call 305.573.2941 or visit http://www.mizrachrealtyassociates.com.

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