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A Wynwood Tri-Rail Station? Brightline’s Aventura Station Gives Idea A Second Wind

After Miami-Dade’s decision to build a new Brightline express train station in Aventura, Wynwood business owners and some local transit officials have begun circulating a new proposal for a long-discussed Tri-Rail station in the fast-blooming neighborhood.

Members of the Wynwood Business Improvement District, led by local property owner Bill Rammos, say the station would relieve increasing traffic congestion and offer an additional transit option as the once blighted area continues to morph into a shopping and tourist magnet.

“In the last five years, the 27th Street artery between Wynwood and Edgewater has become a major artery, especially for micromobility, like scooters and bikes,” Rammos said. “And not just for local residents that work here, but also for a lot of tourists.

“So It’s now becoming clearer to me that it would be a great location for a train station.”

A new set of drawings commissioned by Rammos would see the trains landing on Florida East Coast-owned tracks at a station between Northwest 25th and 27th streets. Rammos is among the largest property owners along that site.

Currently, public transit options to Wynwood are limited to buses and trolleys. Parking on a Saturday night costs as much as $4.73 an hour.

Some Wynwood BID members and other civic leaders argue the county’s decision to finance the Aventura Brightline station for $76 million raises the question of whether the county would join any effort to expand Tri-Rail services along Coastal Link.

A station in Wynwood, Midtown, Edgewater or the Design District has been proposed for years. It received a new push last year as a “demonstration station” project for the area was floated. However, that idea has been delayed.

At a Miami Transportation Planning Organization meeting last week, officials said they’d be willing to forego the demonstration project entirely in favor of a permanent station.

The proposal remains preliminary, said Steven Abrams, director of the South Florida Regional Transportation Authority, the organization that runs Tri-Rail. Abrams said a funding scheme has been proposed; the sources, which include the Florida Department of Transportation, Miami-Dade County, the city of Miami, and the Miami Parking Authority — are still meeting to come up with a final plan of action.

Alice Bravo, Miami-Dade County’s transit director, said Tri-Rail must nail down further details about the station.

“Tri-Rail has the lead on this,” she said in a phone interview.

And it would be Florida East Coast Railway — the Brightline sister company that operates the freight tracks along which Tri-Rail would run — that would have final say over the project. The deal between Virgin and Tri-Rail that will eventually get the latter into MiamiCentral also allows for another station somewhere between 71st Street and downtown, on two conditions: that the other station not obstruct Virgin trains and that Tri-Rail pays for any improvements needed to minimize obstruction.

An FEC representative could not immediately be reached by phone.

Rammos’ Wynwood allies include Carlos Rosso of Related Group, which recently completed the Wywnood 25 luxury apartment complex, and has another development, Wynwood 26, nearing completion.

“All the pedestrian traffic is coming to Wynwood,” Rosso said. “So it makes more sense.”

They also include Gary Nader, an art dealer who owns a gallery near the proposed station.

“It would be a lot of acres around that area,” he said. “We need to work together to do a nice project. It’s going to be very interesting.”

 

Source:  Miami Herald

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FIP Realty Takes Part In $14.5M Purchase of Wynwood Properties

with information from The Real Deal

In association with Marcus & Millichap, FIP Realty’s Commercial Division represented East End Capital on the $14.5M purchase of three Wynwood warehouse properties located at 310 through 318 NW 25 Street, adjacent to East End’s planned Wynwood 25 mixed-use development. 

The properties encompass 26,700 square feet that make up three adjacent warehouses and a 6,000-square-foot parking lot. The space will be available for lease, offering an opportunity for a large-footprint user to include outdoor space and/or off-street parking. It is ideally-located at the intersection of 3rd Avenue and NW 25 Street, where the pilot project for a Wynwood “woonerf” (shared street concept) is proposed to be located.

Andy Charry of FIP Realty and Marcus & Millichap’s Jon Gerszberg brokered the off-market deal.

“At the end of the day, they were the natural buyers. They can now do a much nicer development,” Charry commented. “It’s right at the intersection of 25th and Third so in terms of location, it’s superior to anywhere on 25th [Street].”

East End Capital plans to lease the warehouses, built in 1951, for a large footprint user with outdoor space and parking. A shared-street concept called a “woonerf” has also been proposed for that intersection.

“We are excited to add these properties to our Wynwood portfolio and look forward to bringing artistic and creative companies that add to the unique fabric of the neighborhood,” said Marc Gitto, Director of East End Capital.

Earlier this year FIP Realty’s Dave Colonna sold 1.84 Acres of land with more than 40,000 square feet of buildings belonging to the Miami Rescue Mission for $22M and most recently closed on the sale of almost 1 acre of land for redevelopment on NW 54th St. The company has a consistent track record of successful deals, representing commercial sellers and buyers, which has helped FIP Realty significantly to build a strong portfolio and a solid reputation in the commercial properties market.

Faith Investment Properties has offices in Aventura for the Residential Division and in Wynwood for all commercial transactions offering a wide range of Investments including Multifamily, Retail Plazas, and Office buildings in South Florida.

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Wynwood’s first new office building set to launch

The Cube Wynwd office and retail building will stand at 222 N.W. 24th St.

RedSky Capital has decided to launch the first new office building in Miami’s booming Wynwood neighborhood as a speculative building project.

The Brooklyn-based developer hired Blanca Commercial Real Estate to lease the 79,548 square feet of office space for the eight-story Cube Wynwd project proposed at 222 N.W. 24th Street. The 13,840-square-foot site is next to popular Miami-born brand Panther Coffee.

As Wynwood has transformed from an industrial area to an arts district, many restaurants and retailers have moved into the neighborhood. In recent years, small businesses such as law firms, architecture firms, and coding schools have found a home in Wynwood. Most of these small businesses inhabit repurposed warehouses because there are few traditional office buildings.

Tere Blanca, CEO of Blanca Commercial, said she’s fielded many requests from major corporations and tech companies for space in Wynwood, but there hasn’t been a building that suits their needs.

“When you have a neighborhood that has such a defined appeal and the ability to serve business users with residential, food and beverage, and culture and entertainment, then office is bound to succeed,” Blanca said. “The employers will follow the workforce.”

Blanca said RedSky Capital is prepared to build Cube Wynwd before signing any pre-leases. It plans to break ground in early 2017 and complete the project the following year. In addition to the office space, Cube Wynwd will have 11,364 square feet of ground-floor retail, a rooftop terrace and a breezeway for pedestrians.

“RedSky Capital is excited to apply our forward-thinking vision to the development of Cube Wynwyd, which will plant a flag as the first new office building in the submarket,” said Benjamin Bernstein, co-founder and president of RedSky Capital. “We are proud to help lead the evolution of Wynwood to become a more diverse ecosystem and business district supporting Miami’s positioning as a global destination for investment.”

RedSky Capital acquired the property for $5.85 million and hired Arquitectonica to design it. The city has already approved its plans.

Source: BizJournal

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Miami’s Wynwood District is the World’s Annual Street Art Mecca

Streets of Wynwood: a wild ride into the riot of color, creativity and chaos that is Miami’s street art scene.

Every year during the Art Basel fair, street artists from around the globe converge on Miami’s Wynwood district to transform its streets anew with a riot of creative colors. Streets of Wynwood transports the viewer into this nomadic subculture to meet some of world’s best exponents of urban art and to appreciate first-hand how this once clandestine tribe of taggers, graffiti writers and muralists have claimed their place in the broader art world. It’s a dazzling experience.

Streets of Wynwood, a new film from WLRN Public Television, takes us inside this fascinating yet little-known global subculture that spans the artistic gamut from “tagging” and graffiti to towering murals of astonishing quality. Some might endure for years, while others vanish, or are defaced, within days of completion.

A Burgeoning Art Scene

Filmed by multiple camera crews during recent Art Basel Miami festivals, the film is both an immersive journey into an eye-popping street art jamboree, unparalleled in any other city, and a thoughtful exploration of a burgeoning artistic movement whose greatest exponents, like America’s Shepard Fairey, Brazil’s Eduardo Kobra, South Africa’s Faith47, and the mysterious Londoner known as Banksy, are today highly prized by art collectors, galleries and museums.   It’s a beautiful and energetic world, fraught with danger.

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Miami Rescue Mission obtained $22 million for its Wynwood property

The Miami Rescue Mission collected $22 million from the sale of most of its property in Miami’s hot Wynwood neighborhood.

The nonprofit announced in April 2015 that it hired FIP Realty Services to list the majority of its land in Wynwood for sale. Since then, the city approved a neighborhood rezoning that allows up to 150 units per acre of residential buildings of up to 12 stories. It’s already become a hot spot for art, restaurants and retail.

The Miami Rescue Mission sold 1.8 acres with 31,630 square feet of buildings in two deeds to RS JZ NW1 2200 LLC, an affiliate of Brooklyn-based RedSky Capital and London-based JZ Capital. AB Commercial Real Estate Debt provided a $12.6 million loan for the deal.

The price equates to $282 square feet of land.

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