No Comments

Wynwood Buildings More Than Quadruple In Value

A pair of warehouses converted to office space along the railroad tracks in Miami’s Wynwood Arts District sold for $18.75 million, more than quadrupling in value.

Wynwood Spaces LLC, managed by Martin Miculitzki of Block Capital Group in Miami, sold the buildings of 8,060 square feet at 100 N.E. 28th St. and 15,270 square feet at 85 N.E. 27th St., plus an adjoining parking lot, to WellMeaning Spaces LLC, managed by Eduardo Pelaez, CEO of Miami-based WellMeaning Investments, a family real estate office. W Financial REIT provided an $11.5 million mortgage to the buyer.

The buildings were constructed in 1971 and 1925, respectively. The site covers 33,320 square feet.

The buildings last traded for $4.6 million in 2014.

 

Source:  SFBJ

No Comments

Goldman Properties, JV Of Scott Robins And Philip Levine Propose Wynwood Projects

More office and multifamily projects may be coming to Wynwood, as developers propose new projects for the once-gritty warehouse district.

Pioneer Wynwood developer Goldman Properties wants to build an office building, and a joint venture between Scott Robins and Philip Levine tweaked a previous plan for a hotel with apartments – and now proposes rentals only.

The Wynwood Design Review Committee is expected to consider both projects at a meeting on Monday.

Robins and Levine propose a five-story building with 203 units and 15,104 square feet of ground-floor retail on almost an acre at 35-83 Northwest 27th Street, according to the developers’ filing to the review committee. The Arquitectonica-designed project would have a rooftop pool, 40-space garage and eight parking spaces on the street.

The developers are partnering with Miami-based executive Martin Franklin and Franklin’s son, Sam. Martin Franklin co-founded frozen food company Nomad Foods as well as consumer products firm Jarden, now called Newell Brands.

Shortly before the onset of the pandemic in March 2020, Robins and Levine won approval from the city zoning administrator for a 120-key hotel with 72 apartments and 13,413 square feet of commercial space for the site, according to the developers’ submittal to the board.

“We didn’t think a hotel project was appropriate at this time in that area,” Robins said, although he didn’t entirely shut down a future hotel conversion.

Roughly 90 percent of the units would be studios, ranging from 500 square feet to 600 square feet, allowing for a smooth retrofit into hotel rooms if the market ripens for the use, Robins said. The remaining units will be one-bedroom apartments, ranging from 700 square feet to 800 square feet.

The rents will be market rate, but specific ranges have not been determined, he said.

Robins and former Miami Beach Mayor Levine previously partnered on the redevelopment of South Beach’s Sunset Harbour neighborhood. They sold a seven-building retail portfolio to Asana Partners for $68.8 million in 2018.

In Wynwood, Goldman Properties, led by CEO Scott Srebnick, filed plans for an eight-story Core Wynwood with 99,357 square feet of Class A workspaces and 10,101 square feet of retail and restaurants, according to the filing. The 0.6-acre site, which now consists of a one-story warehouse and parking lots, is at 373, 375 and 391 Northwest 24th Street and at 376 and 390 Northwest 25th Street.

The Perkins & Will-designed project would have floor-to-ceiling windows in parts of the building, a glass-enclosed grand staircase visible from the street, a two-story garage with 119 spaces and an art-adorned paseo connecting 24th and 25th streets, according to Wynwood-based Goldman’s submittal to the board.

In a nod to Wynwood’s stamp as an arts district, artist Mona Caron’s botanical murals will run the height of the building and artist Sam Cox’s hand-drawn characters will adorn the staircase. Goldman Global Arts, a consultancy led by Goldman Properties co-Chair Jessica Goldman Srebnick, is curating the art at Core Wynwood.

Goldman Properties’ founder, the late Tony Goldman, was one of the first to spot Wynwood’s potential. It was his life’s work to see the unrealized growth of neighborhoods. Goldman Properties played a major role in creating Wynwood’s image as an arts district with projects such as Wynwood Walls and Wynwood Garage.

If the Wynwood Design Review Board approves the proposals, construction of both is expected to be completed in the second half of 2024.

Wynwood has undergone redevelopment in recent years with office and residential projects.

The 13-story Gateway at Wynwood office building at 2916 North Miami Avenue and the 10-story 545wyn were completed last year.

In 2019, Wynwood Annex at 215 Northwest 24th Street and Cube Wynwd at 222 Northwest 24th Street were completed.

On the residential side, more than 2,200 apartment and condo units are on tap, including a proposal by Ironstate Development and Brookfield Properties for a 289-unit apartment complex at 26 and 60 Northeast 27th Street, and 25 and 61 Northeast 26th Street.

 

Source:  The Real Deal

No Comments

Bakehouse Art Complex In Wynwood Gets City Grant For Building Upgrade

Miami city commissioners have chosen to give a sizable federal grant to help fund an organization that supports city artists.

At their latest meeting, commissioners allocated $2 million to the Bakehouse Art Complex Inc., a Florida not for profit corporation, to help pay for major improvements to its historic building at 561 NW 32nd St. in the Wynwood Arts District.

The complex is in an old Art Deco bakery and houses local contemporary artists, with studios and galleries open to the public.
The resolution was sponsored by Commission Chair Christine King.

The money is from American Rescue Plan Act (ARPA) of 2021 Coronavirus State and Local Fiscal Recovery Funds.

The city received American Rescue Plan Act funding to address Covid-19 and its impact on public health as well as address economic harms to households, small businesses, nonprofits, impacted industries, and the public sector.

The grant will help Bakehouse “undertake repairs and renovations to the structure and envelope” of its building, the resolution says.

A unanimous resolution had the commission “approving and confirming the city manager’s finding and recommendation that competitive negotiation methods and procedures are not practicable or advantageous to the city … (in this instance, and) waiving the requirements for said procedures.”

Bakehouse submitted a funding request to the city for ARPA funds in order to begin its repairs and renovations.

A city staff background memo on the fund request reads in part: “Bakehouse Art Complex is the only artist-purposed, non-profit-owned site of its kind and size in Miami’s urban core. It plays a major role in addressing a significant gap in the city’s cultural ecosystem, affordable spaces where artists can create, live, and engage with each other and with the greater community.”

“As real estate prices continue to rise, and with it the need for affordable work and living spaces for artists, it has the potential to leverage its land holdings in a way that can significantly increase the organization’s impact,” the memo reads.

Staff says redevelopment of Bakehouse ensures artists and art making will have permanence in the city, where real estate costs make this increasingly challenging.

The memo continues: “Due to the unique aspects of the Bakehouse addressing the need of the art community by providing a space where artists can create, it would be advantageous for the city to expedite the allocation and waive procurement requirements at this time.

“The Bakehouse Art Complex will undertake repairs and renovations to the structure and envelope of the organization’s existing building including addressing and upgrading electrical infrastructure, structural repair and remediation, life-safety issues, making necessary repairs needed for the 40-year recertification process, roof replacement, installing hurricane-impact window upgrades, updating building technology, and ensuring compliance with current building codes,” it reads.

In a letter to the city, Cathy Leff, director of Bakehouse Art Complex, wrote: “We believe with $2 [million], we can address, from now and over the next 24 months, immediate needed structural work and roof repairs. The remaining funds needed to cover other identified work will come from philanthropic donations and revenue derived when we finalize our partnership agreement to redevelop the 1.55 acres of our underutilized 2.3-acre campus.

“On that site, we hope to add critically needed affordable and workforce housing for artists and community members and rebuild some of our public community amenity and educational spaces,” she wrote.

Ms. Leff said about 70% of Bakehouse artists make less than $40,000 yearly.

“Several have lost their jobs and homes during the past two years as a result of the covid pandemic and are struggling to make ends meet. Three of our artists just this week lost their housing due to the doubling of their rent.

“We all know that the influx of new money, new residents, and new businesses to Miami during covid have impacted the cost of real estate, which has had a significant and detrimental impact on the communities we serve.

“If we wish to retain creative talent in Miami, all of which aligns with the City’s technology agenda, Bakehouse can be a model for and part of the solution for addressing affordability in both work and living environments and continue to provide workspace security and affordability to artists,” Ms. Leff wrote.

Bakehouse opened in 1985 to provide a permanent and affordable working home to artists of merit with financial need.

Community Development Block Grant funds from the city and Miami-Dade County were awarded then to help retrofit the abandoned bakery and convert it to a center of cultural production.

“The organization was intended to and has helped provide stability to a declining neighborhood as well as serve the community through free access and educational and cultural programming,” said Ms. Leff.

 

Source:  Miami Today

 

No Comments

Tucandela Buys Wynwood Building To Open Latin-Themed Nightclub

Tucandela Group bought a Wynwood building for $9.2 million with plans to open an outpost of its Latin-themed nightclub, according to Metro 1, which brokered the deal.

There are two Tucandela clubs, one in Mary Brickell Village outdoor mall and another inside The Palms at Town & Country shopping center in Kendall, a suburban town southwest of Miami.

The Wynwood club is slated to open the first quarter of next year at 2445 N Miami Avenue on the corner of 25th Street. The 12,404-square-foot site includes a two-story building, which spans 8,407 square feet.

The sellers, a joint venture between Link Real Estate and Jameson Equities, bought the property for $4.2 million in 2019, per records. The two firms, led by Dan Arev and brothers Joe and Richard Serure respectively, also own a one-story commercial building across the street that once housed a printing press.

 

Source:  Commercial Observer

No Comments

Wynwood Development Site Targeted In $23M Foreclosure

A developer that hoped to build a co-living apartment complex in Miami’s Wynwood Arts District has been hit with a $23 million foreclosure lawsuit.

Gamma FL Wynwood LLC, in care of New York-based Gamma Real Estate, filed a foreclosure complaint May 5 against New York-based Wynwood Gateway II LLC. It targets the 27,650-square-foot property at 166 and 179 N.W. 29th St., plus 169 and 179 N.W. 28th St. It has a four-unit apartment complex, but the site is mostly vacant.

The Collective, a New York-based co-living company that offers dorm-style residences, announced plans in 2019 to build its first Miami location on all five of those lots. It followed that up in 2021 by submitting a detailed site plan featuring a 12-story building with 108 apartments, 70 hotel rooms, 9,508 square feet of commercial space and 163 below-grade parking spaces. However, construction never commenced.

According to the complaint, Gamma issued the $23 million mortgage to Wynwood Gateway II in 2019. The loan matured June 30, 2021, without being repaid, and the borrower owes the full amount of principal, plus interest.

Both design services firm Bliss & Nyitray and law firm Wernick & Co. have pending lawsuits against Wynwood Gateway II over alleged nonpayment for services they provided for the Collective project. The developer has yet to respond to either lawsuit and was declared in default by the court.

 

Source:  SFBJ

No Comments

Big Changes In Little Haiti: Redevelopment Rises In Emerging Neighborhood

Neil Fairman, founder and chairman of Plaza Equity Partners, was once skeptical about building anything in Miami’s Little Haiti or Little River. Most of his company’s projects were luxury waterfront high-rises in places such as Miami’s Edgewater, South Beach, North Miami Beach and Hollywood.

But Fairman’s friend, Cirque du Soleil founder Guy Laliberté, wanted him to see some properties being assembled near 61st Street and Northeast Second Avenue in Little Haiti.

After touring the area, Fairman began to view it as ripe for opportunity – and he wanted in.

Since 2017, Fairman’s Plaza Equity Partners has been the managing developer of the Magic City Innovation District, an 18-acre territory that includes a former trailer park and dozens of warehouses. In the next few years, there will likely be 8.2 million square feet of apartments, hotels, offices, retail and exhibition space built there.

The warehouses have been converted into over 200,000 square feet of retail and office space that is now 90% leased, Fairman said.

Other investors and developers have followed suit, investing millions of dollars into the Little Haiti-Little River area, two overlapping neighborhoods bounded by Interstate 95, 54th Street, Northeast Fourth Court and the Little River canal.

Industry insiders say there are plenty of opportunities for more stakeholders to build projects there.

 

Source:  SFBJ

No Comments

Leasing Activity Heats Up At The Gateway at Wynwood

As Miami continues to experience a post-pandemic boom, The Gateway of Wynwood – the newest office building in the Wynwood area – announces tech start-up OpenStore’s expansion and the growth of its impressive roster of tenants with the addition of two new leases.

Aron Rosenberg, the developer behind The Gateway at Wynwood, has signed a lease with OpenStore for an approximately 26,000-square-foot expansion, bringing the company’s total footprint in the building to over 40,000 square feet. At the same time, The Gateway at Wynwood signed a new lease with Baseline, a vertically integrated platform investment company, for 5,000 square feet of office space. It also signed a lease with Mediterranean-Asian-Fusion Steakhouse concept DALIYAH and MIZU Rooftop Garden for approximately 6,000 square feet of ground-floor restaurant space plus the nearly 3,000-square-foot rooftop area.

The Gateway at Wynwood was represented by Colliers’ Executive Managing Director Stephen Rutchik, Managing Director Tom Farmer and Director Tyler de la Pena in the office lease transactions. CBRE’s Alex Cesar, First Vice President of Retail Advisory and Transaction Services, and Drew Schaul, Senior Vice President of Advisory and Transaction Services, represented The Gateway at Wynwood in the retail lease.

“Leasing activity has ramped up since the building’s opening, and we are excited to welcome these new tenants and see a current tenant expand so fast at The Gateway at Wynwood,” said Shelby Rosenberg, R&B Realty’s Head of Development and Acquisitions, Asset and Property Manager, US Portfolio. “Our building continues to remain a hub for new-to-market tenants, expansions and relocations to Wynwood, the ‘place-to-be’ for companies looking for a live-work-play environment. We are proud of the role we have played in the transformation of this community into one of Miami’s hottest neighborhoods.”

The Gateway at Wynwood, which opened in 2022 as the first tenant took occupancy in January, recently achieved LEED Gold Certification. The building implemented practical and measurable strategies and solutions in areas including sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality. Green buildings allow companies to operate more sustainably and give the people inside them a healthier, more comfortable space to work.

OpenStore, the building’s first tenant to officially move in, is a platform that allows entrepreneurs with Shopify businesses to sell their companies and receive liquidity for what they’ve built. Founded by Keith Rabois of Founders Fund, Jack Abraham of Atomic, and Michael Rubenstein, the former President of AppNexus, OpenStore connects merchants and customers into a single unified shopping experience through access to data, information, and capital. The company announced in July that it raised $30 million in Series A funding, with a valuation of $250 million. OpenStore’s goal is to offer instant liquidity for eCommerce entrepreneurs.

Baseline is focused on developing and operating short and long-term single-family rentals. Baseline’s principals have delivered over 4,000 market-leading vacation rentals and 20,000 single-family homes with an aggregate value of over $7 billion. This will be the Orlando-based company’s first Miami office.

DALIYAH and MIZU Rooftop Garden’s concept was created by DZYNE Hospitality and OPSO Group, which are partnering with Canada’s A5 Hospitality. DZYNE Hospitality, led by Derrick Orosa, aka “DZYNE,” is working with OPSO Group, the company behind some of Miami’s trendiest restaurants, including Midtown’s MAÜ MIAMI and KAVO MIAMI, on the new concept. Founded by Alexandre Besnard and Patrick Hétu, A5 Hospitality has been a leading player in Montreal’s hospitality industry for 15 years. A5 has a varied yet targeted offering, ranging from high-end Japanese dining to large-scale entertainment projects, specializing in the development and operation of restaurants and bars. MIZU Rooftop Garden is set to open first, in time for Art Basel 2022, with the downstairs restaurant, opening by Summer of 2023.

The_Gateway_at_Wynwood_Rooftop

“Our Rooftop Garden has the most amazing views of the entire Miami Skyline, South Beach, Brickell, Downtown, Midtown, Design District and of course, Wynwood”, said DZYNE of DZYNE Hospitality. “Our high-end Mediterranean Japanese Steakhouse will be situated in between all the action of Wynwood, making it the ideal destination location, where you can have amazing Japanese cuisine with disco, retro and high energy music playing throughout the restaurant or take our private elevator directly to the Rooftop Garden and lay back for some specialty cocktails, bottle service, Japanese Krudos, fresh sushi and cold Japanese dishes, as well as Wagyu and Kobe BBQ.”  

The Gateway at Wynwood offers about 195,000 square feet of leasable Class A office space and nearly 25,900 square feet of prime street-level retail space. Designed by renowned architect Kobi Karp, the environmentally responsible building features flexible floorplans, a private rooftop terrace, gym, unique bay window system, 24/7 on-site security, vibrant exterior cladding, and 2:1,000 on-site covered parking. The Gateway at Wynwood announced the building’s first office lease with biotech company Veru Inc in the summer of 2021. The eight-year, 12,155-square-foot lease will serve as the company’s global headquarters and triple Veru’s current office space.

 

No Comments

City Review Narrowly Recommends Major Wynwood Project

A developer plans to construct a major mixed-use residential project that will include new office space and nearly 40,000 square feet of commercial uses in the Wynwood Arts District.

LIV WRK Wynwood is proposed for a site at 2400 and 2500 N Miami Ave.

The project was considered April 20 by the city’s Urban Development Review Board. In a rare split vote, the project was recommended for approval on a vote of 3 to 2.

Those voting against the project criticized the size and massing of the project.

The owner-developer is identified as LIV WRK Sol Wynwood LLC.

Two buildings are proposed, with a total floor area of 922,466 square feet, on property between Northwest 24th and 25th streets.

The 2400 parcel will be developed with an 8- to 12-story building, consisting of 420 multifamily residential units and 59,461 square feet of offices above 29,057 square feet of ground floor commercial-retail, a mix of modern amenity spaces and on-site parking.

A three-level enclosed garage will provide 556 vehicular parking spaces and 798 bicycle rack spaces.

The parcel at 2500 N Miami Ave. will be developed as an 8 to 12 story apartment/hotel, with 122 dwelling units, above 8,996 square feet of ground floor commercial-retail space.

 

Source:  Miami Today

No Comments

Lender Takes Control Of The Collective’s Wynwood Dev Site Through Foreclosure Auction

The Collective lost its planned co-living development site in Wynwood to its lender through a foreclosure auction.

New York-based Gamma Real Estate took control of the property at 166 Northwest 29th Street by placing a “credit bid,” or an offer using its existing debt of $27.6 million, to win the UCC foreclosure auction last Wednesday, according to a person familiar with the matter.

Miami’s Urban Development Review Board in May approved a mixed-use project for the site. The Collective’s plans included an eight-story to 12-story co-living building with 180 residential units, 70 lodging rooms and 9,508 square feet of ground-floor retail. Units would range from studios to six-bedroom apartments geared toward young professionals, according to the developer’s proposal.

Gamma Real Estate, led by the Kalikow family, sought to foreclose on the Wynwood site amid The Collective’s broader financial troubles. Occupancy levels at its co-living locations dropped during the pandemic and forced delays on its projects in the pipeline. In September, the British company fell into administration, the U.K equivalent of Chapter 11 bankruptcy, after failing to find a buyer.

The auction was conducted by Matthew Mannion of Mannion Auctions.

The Collective has also faced foreclosures on its properties in Brooklyn.

In January, the firm sold its development site in Brooklyn’s Williamsburg for $54 million, avoiding a foreclosure. The proceeds went to pay off a $49 million mortgage held by Gamma Real Estate. The company recently lost another Brooklyn property in Bed-Stuy to a foreclosure.

The Collective still has locations in West London and Canary Wharf in the U.K., and The Paper Factory in New York City’s Long Island City neighborhood, according to its website.

 

Source:  The Real Deal

No Comments

Strong Demand For Office Space At Wynwood Plaza, Utilities Deal Inked

The developers of The Wynwood Plaza have signed a deal for water and sewer utilities.

Active negotiations for 75,000 square feet of office space at the project are now underway, according to a release last month by representatives of co-developer Carpe Real Estate Partners.

Some of the world’s “most creative companies” are among those who have expressed interest in the new project, Carpe said.

Records show that the developer signed a deal for water and sewer utilities at the site late in late March. Demolition is already underway there.

According to the newly signed utilities agreement, Wynwood Plaza will include:

  • 212,962 square feet of office space
  • 509 apartments
  • 25,550 square feet of retail

Plans previously submitted to the city also show a landscaped 25,000 square-foot outdoor public plaza, and a parking garage with 668 car spaces and 954 bike spaces.

 

 

Source:  The Next Miami

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