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Transit-Oriented Wynwood Parcel Sells For $19.5 Million

Metro 1 announced the $19.5 million sale of a 1.4-acre development site in Miami’s Wynwood neighborhood.

Located at 45 Northeast 27th Street, the site is zoned T5-O under Wynwood’s NRD-1 zoning overlay and steps away from the proposed Wynwood commuter rail station and two potential Metromover stations. Metro 1 managing director Juan Andres Nava represented the sellers, CHO RE Holdings, LLC (a Tony Cho owned entity) and Scott Silver and Newcomb Properties LLC, while the firm’s Jack Conrad represented the buyer, Fifield Companies.

The transaction emphasizes continued demand for Wynwood real estate and expansion of Miami’s mixed-use development pipeline and transportation-oriented development.

“The Metro 1 team prides itself in thoughtfully curating these types of deals, connecting buyers with the right sites to not only ensure successful development, but community wide benefits,” said Metro 1’s Nava. “Demand for Wynwood development opportunities is incredibly strong as one of Miami’s cultural hubs and sought-after locations for relocating companies in the tech and finance sector.”

Still in the planning stages, Fifield looks to develop a mixed-use apartment community on their newly acquired site. Preliminary plans include 210 rental units, 11,500 square feet of retail and 296 parking spaces. The development would also include a pedestrian “paseo” connecting Northeast 27th and Northeast 28th Streets.


Source:  CRE-sources


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