News

The rise of unconventional office submarkets in Miami is heating up. Wynwood is leading the race. One of the latest listings in the trendy neighborhood is a development site with approvals for a 12-story mixed-use tower to be named Wynwood Square. The project will consist of 241 apartments, 60,290 square feet of office space, 27,212 square feet of retail, and 481 parking spaces. So far, the responses I have received from prospective buyers have been surprisingly positive. I say ‘surprisingly’ because many of those inquiring about the property are new to the Miami market and, yet, they clearly understand the value of owning commercial real estate in Wynwood, north of the downtown Miami.

The development site at 2201 North Miami Avenue hit the market last month. The developer had initially planned to build the office but the demand for assets in Wynwood led him to put the property on the market.

The listing doesn’t have an asking price but development sites in the proximity have sold for $400 per square foot to $600 a square foot.

Wynwood Square joins a wave of other mixed-use developments planned for the artsy Miami neighborhood, including:

• Wynwood 26, to be developed by the Related Group and Block Capital Group. The project at 51 Northwest 26th Street plans to have 174 apartments and 35,800 square feet of commercial space on the ground floor.
• Wynwood 25 to be developed by East End Capital. The 400,000-square-foot project will have 289 apartments, 31,000 square feet of ground floor retail and 340 parking spaces.
• Gateway at Wynwood to be developed by New York-based R&B Realty. The 12-story building will consist of 184,800 square feet of office space, 33,750 square feet of retail space and 574 parking spaces.
• Cube Wynwyd to be developed by RedSky Capital. The eight-story office building designed by Arquitectonica will include 80,000 square feet of office space and about 11,400 square feet of retail space.

For more information on Wynwood Square, feel free to reach out to me.