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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

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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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Ironstate Pays $16M For Wynwood Site, Marking First Property In Miami

Ironstate Development Group purchased a property in Wynwood for $15.6 million, marking its first South Florida site.

The Hoboken, New Jersey-based development firm, led by brothers David and Michael Barry, acquired the Art by God assemblage at 60 Northeast 27th Street. The buyer is 26-60 NE 27th Street LLC, according to brokers involved in the deal.

Ironstate’s portfolio includes properties in New Jersey and New York, and the company has been considered a key player in Jersey City’s evolution. It is unclear what the firm’s plans are for the Wynwood site.

Art by God, led by Gene Harris and his family, was in contract to sell the land at 26 Northeast 27th Street, 25 Northeast 26th Street, and 61 Northeast 26th Street since October 2019. The previous buyer, Miami Beach-based Lucky Shepherd, assigned the contract to Ironstate, which acquired the property on Wednesday, according to the brokers.

Lucky Shepherd, led by Christine Menedis and Naveen Trehan, had planned to build a 150-key hotel with 48 rental apartments.

Andy Charry of Metro 1 represented the seller, while Colliers International South Florida brokers Mika Mattingly and Cecilia Estevez represented Lucky Shepherd.

Mattingly called it a “prime example of a Covid-ravished deal” that emerged “triumphantly.” Charry said the pandemic threw a monkey wrench through the original timeline. The closing was initially scheduled for early 2020.

“They had a great property located on a great street, and it became even better because of the proposed Brightline station,” Charry said, referring to the sellers. The family owns the gift shop that offers minerals, fossils and other natural resources.

Developers including the Related Group, Property Markets Group, Kushner Companies, East End Capital and others have flocked to Wynwood in recent years, developing mixed-use, multifamily projects.

 

Source:  The Real Deal

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Largest Development Site In Wynwood Hits Market

2000 N. Miami Avenue became available for sale, presenting a rare opportunity for investors and developers to own a parcel of land in Miami’s Wynwood neighborhood, which has skyrocketed into a thriving arts center, nightlife hub, and tourist magnet over the past decade.

Currently, the 1.38-acre lot located on the corner of North Miami Avenue and NW 20th Street is currently the largest undeveloped property by square feet available for sale inside Wynwood, as well as one of the largest development sites over 1 acre that hasn’t been scooped up yet by a major developer. Tony Cho, chairman and chief vision officer of Metro 1, is the broker on the listing, with Andres Nava taking lead as the primary listing agent.

The property comprises four conjoined lots being sold together, which are all zoned T6-8-O NRD-1, allowing up to 8 stories by right and 12 stories with bonuses of mixed-use infill development. Under this zoning, the property can be developed into up to 207 units (310 with bonuses) or licensed for up to 414 hotel keys. The proposed development by Metro 1 Commercial, the Miami-based brokerage representing the owner-seller on the listing, would include a mixed-use residential and retail development with 206 apartment or condo units, 21,000+ square feet of retail, outdoor living spaces, and 360 parking spaces.

“This site is something truly rare in the Miami market, where Wynwood has been the dominant ‘hot’ neighborhood now for more than six to seven years. We feel that coming off of COVID-19, with more optimism in the commercial real estate market and investors poised to compete for high-quality deals, now is the time to bring this opportunity to the table. We anticipate a competitive process as the winning bidder will benefit from the accelerated population growth that has defined Miami as the fourth most densely populated city in the nation,” said Nava, managing director of Metro 1 Commercial.

The property is surrounded by some of Miami’s most exciting restaurant and retail concepts, including rooftop dining destination Astra, local cult-favorite burger bar Kush, and Wynwood newcomer Momosan Ramen by Chef Morimoto. In addition, the site sits adjacent to the Wynwood offices of Uber and Spotify and is just a block away from the Arlo Hotel, Wynwood’s first, which broke ground earlier this month.

 

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Wynwood Is Getting An Eco-Friendly Hotel At The Site Of The Art By God Store

Art by God, the museum store specializing in furnishings and jewelry made from natural artifacts, is proceeding with negotiations for the sale of its Wynwood location. Fittingly, the site is set to become an earth-friendly hotel.

The 21,155 square-foot store, located at 60 NE 27th St., is part of a four-parcel assemblage totaling more than 56,000 square feet and currently priced at $15.6 million. The acquisition includes three other lots at 26 NE 27 St., 25 NE 26 St. and 61 NE 26 St.

The buyer is the Miami-based Lucky Shepherd, a multi-company firm founded in 2016 that specializes in holistic wellness in technology, real estate and design.

The new owners plan to raze the existing property and build a 150-key eco-friendly lodging, with 48 residential units, a farm-to-table restaurant, a speakeasy and a rooftop pool and bar. Touzet Studio is the architect on the project. Gensler will handle the interior design. Construction is expected to begin in late 2021 and last 24-30 months.

Gene Harris, who founded Art By God Inc. in 1982, paid $350,000 for the 1.29 acre assemblage in 1997. He opened the Wynwood store on the property in 2014. The Harris family is still deciding whether to open a store at another location or go entirely online.

Andy Charry of Metro 1 (formerly of APEX Capital Realty), represented the seller. Arden Karson, managing principal of Karson & Co., together with Mika Mattingly and Cecilia Estevez with Colliers International Florida’s Urban Core Division, represented the buyer.

“Just like 2020, this transaction has been very challenging,” Charry said. “I’m grateful to everyone who is helping to push this deal to the finish line. The buyers are getting a phenomenal site.”

A COVID DELAY

The property, which was sold off-market, has been under contract since November 2019.

The hospitality industry has been banking on Wynwood as a lucrative hotel location to capitalize on its flood of annual visitors (more than four million in 2019, according to the Wynwood Business Improvement District).

The San Francisco-based Sonder is currently developing a 72-room hotel at 111 NE 26th St., just one block from the Wynwood Walls. The international firm Quadrum Global is developing a nine-story, 217-room hotel at a three-parcel assemblage it bought for $8.5 million at 2217 NW Miami Court.

The New York-based Domio leased an entire 175-unit building developed by The Related Group and Block Capital Group, originally intended as apartments, and is operating it as a hotel at 51 NW 26th St.

 

Source:  Miami Herald

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