No Comments

Core Wynwood Development Site Sells For $11.5 Million

UOVO Storage Deluxe has acquired a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. The buyer was represented by Jordan Karp and the seller was represented by Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors.

330 NW 29th Street is currently two fully occupied buildings leased as creative office space spanning 10,939 square feet. The 21,000-square-foot lot is zoned T6-8-0 and is primed for a hotel or office project.

Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic and others. Recent notable transactions include Forte Capital and Sheridan Capital’s acquisition of 2830 NW Fifth Ave. from Alex Karakhanian’s LNDMRK Development for $6.35 million, which they plan to reposition into creative offices. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.

 

Source:  ProfileMiami

No Comments

Miami-Dade Plans Massive Redevelopment In Downtown Miami

County authorities are working to redevelop over 20 acres of the downtown Government Center to include a transit terminal, affordable housing, and community cultural facilities and schools. Procurement for the first phase is expected during or after summer, but many details are still being discussed as the project encompasses many county departments.

The purpose of the 10- to 15-year redevelopment is to better use county-owned lands and meet community needs. The county would include a downtown intermodal terminal to provide bays for all buses terminating in Government Center to rise north of the Stephen P. Clark Center.

As Miami Today reported, the $35 million intermodal terminal project is part of the People’s Transportation Plan for 2022-2026, approved by county commissioners Feb. 2. As is the entire redevelopment area, the terminal is still in the definition phase and county staff is hashing out what features it would have.

“There have been talks for several years of developing a bus terminal here at the north of the Stephen P. Clark Center, where the county has excess land,” Dawn Soper, director, P3 & property development of the Internal Services Department, who is on the county team for the redevelopment, told Miami Today.

The redevelopment would also include open space areas such as parks for the residents.

“As you build these higher-density buildings, some of them might be office spaces, market-rate housing, but because it’s a priority of mine, some of these properties have to be redeveloped with affordable and workforce housing in mind,” said Commissioner Eileen Higgins, who has been working to present an item to the commission for the redevelopment for over a year and a half.

Some county-owned structures within the 20-plus acres aren’t necessarily earmarked to be torn down, such as the new Children’s Courthouse, open since April 2015. But areas such as the main county library and History Miami museum’s two buildings might be reconstructed to allocate higher buildings. The intention is to do so without interrupting service to residents.

“One of the things that will be in the RFP (request for proposals) is some kind of educational component,” Commissioner Higgins said. “Downtown doesn’t have elementary, middle or high schools, so it will include educational, cultural and parks components and affordable housing.”

While Ms. Higgins, the Mayor’s Office and the county departments work to define what they want the redevelopment to include, the staff is also going through infrastructure planning to identify necessary improvements in water and sewer, stormwater, and drainage, the conductivity in the streets, and electric power before beginning with procurement.

The efforts of the county to redevelop the Government Center area date as far back as 2014, when commissioners approved a resolution directing the mayor to report on the plan, development, and maintenance of county-owned property in downtown Miami.

In 2017, former Mayor Carlos Gimenez presented a report that outlined the county-owned properties, the redevelopment potential of some lands and assets, vacant lands, and the potential opportunities.

Since then, new county rezoning ordinances placed the Government Center area in the ​​Transit Oriented Development zoning, the county held public workshops with input from FIU students, the project took shape, and priorities were identified, Ms. Soper said.

The next step is to let developers bid on the project and propose what they can do to reach the county’s goals.

“We are in the planning stages, with the anticipation to finally benefit the community,” Ms. Soper said.

 

“It’s exciting to create a new neighborhood centered on affordability, centered on transit,” Ms. Higgins said. “County land is actually the people’s land, so we should be giving it the best use for things like museums, parks, and affordable housing.”

When asked about a resolution headed to the commission to allow five constitutional officers, including those to be elected in 2024, to move their offices outside the City of Miami, Ms. Higgins said she didn’t think that decision would have any impact on this project: “It might free up some space. It might not.”

 

Source:  Miami Today

No Comments

Wynwood Annex Sells To New-To-Market Buyer For $44 Million

DWNTWN Realty Advisors closed a monumental transaction in Wynwood’s history, representing the culmination of many years of organic, artistic and eclectic development efforts, led by many shareholders with vision and grit inspired by visionaries like Tony Goldman.

This transaction, the $44 million sale of Wynwood Annex, underscores a paradigm shift in rates and market fundamentals and sets a new bar for the Miami office market.

Wynwood, a once sleepy and functionally obsolescent shoe wholesale and manufacturing district in the center of Miami, has transformed into one of the most vibrant and cool streets in the country. This office transaction represents a turning point in the market. Wynwood is now accepted as home by the top VCs, technology and finance firms like Founders Fund, Atomic VC, GAC Financial, Ramp Financial, Open Stores, Blockchain.com and Schonfeld – to name a few.

Miami is now regarded as the “Capital of Capital,” and efforts by the founders of these new to Miami companies like Peter Thiel, Keith Rabois and Jack Abraham, in lockstep with Mayor Francis Suarez, has created a pro-business city with inertia and durable momentum behind it. The market dynamics and fundamentals in Wynwood currently are some of the strongest in the country as markets, tenants and cities have rebalanced. Today, decoupled from their old foundations in the pandemic, business leaders have taken a step back to rethink everything.  Investors, tenants and employees continue to choose Miami and Wynwood as their home and headquarters because it is an ideal place to live, work and enjoy a great quality of life.

DWNTWN Realty Advisors was retained by Related Group President Jon Paul Perez and East End Capital Managing Partner Jonathan Yormak to stabilize the asset during the depths of the pandemic. Tony Arellano P.A. and David Lerner at DWNTWN led the marketing and lease-up efforts, stabilizing over 60,000 square feet of rentable office area within six months to 100% occupancy, with landmark tenants all new-to-market. This is a departure from historical Miami office norms.

“Typically, we see relocations from within the city as the majority of tenants play musical chairs,” Lerner said. “In this cycle our firm took advantage of changing fundamentals and with our feet on the ground, led the charge outpacing competitive office towers in Miami, pushing Wynwood as the go-to creative office district.”

The lease-up was so successful it attracted unsolicited offers from all over the country. DWNTWN ran a very clean and concise off-market process and connected with a new-to-market buyer, Brick & Timber Collective, who closed the approximately $44 million sale.

Brick & Timber Collective is from the San Francisco’s Bay Area, making its first foray into the Wynwood Miami market. DWNTWN Co-Founders and Managing Partners Tony Arellano and Devlin Marinoff represented both sides of the transaction.

“We are honored and grateful to be a participant in Wynwood over the past 16 years. We are excited to see Wynwood become the go-to neighborhood for technology and modern finance,” Arellano said. “Wynwood Annex is the perfect fit for this San Francisco-based buyer’s debut investment in our market. DWNTWN is grateful to investors like Brick & Timber Collective for adding value to our market, community and the Greater DWNTWN Miami Area.”

DWNTWN has more than $100 million in pending transactions expected to close in the first quarter of 2022, with a trailing 12-month gross sales volume of a quarter billion dollars.

“The incredible demand for prime real estate in Miami is only getting stronger,” Marinoff said. “The pandemic accelerated the city’s evolution into a vibrant, full-service economy and a place where you can work year-round in a pro-business environment. Miami’s ‘secret’ is out and businesses and investors from high-tax states around the U.S. are taking notice.”

Over the course of his career, Arellano has completed more than 150 significant leases in Wynwood and played a pivotal role in the neighborhood’s evolution from an overlooked, largely neglected collection of old industrial buildings, into a vibrant new urbanist walkable city center.

Marinoff and Arellano have also brokered many of the neighborhood’s hallmark transactions and continued to set the standard as market leaders of the Greater DWNTWN Miami Area.

 

© 2024 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.