The Real Deal Miami

Wynwood condo development nearing sell-out as area heats up

Price for penthouse tops $1M mark, $560psf

January 21, 2015 03:57PM
By Ina Cordle

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Rendering of 250 Wynwood

An 11-unit, upscale condo project under construction in the heart of Wynwood has sold nine, or 82 percent, of its units, underscoring demand for residential developments in the burgeoning, artsy Miami neighborhood.

Among the units placed under contract at 250 Wynwood  is a 1,900-square-foot penthouse, sold for $1,065,000, or $560 a square-foot, setting a new record for the district, Gingi Beltran, an agent with Cervera Real Estate and sales director for the project told The Real Deal. The development, at 250 Northwest 24th Street, is the first new condo project to be built in the neighborhood since Wynwood Lofts in 2005, she said.

“$560 a square-foot for a penthouse is huge in that area.”
“This is the beginning of the residential movement to that area, and to be getting $560 a square-foot for a penthouse is huge in that area,” Beltran said. Though she declined to disclose buyers, and purchases will not close until the building is completed this summer, she said the buyers are local residents, New Yorkers and include a singer and a “gazillionaire” who has several other homes.

250 Wynwood is being developed by Miami-based Fortis Development Group, led by principals David Polinsky and Bradley Carlson. Carlson, from New York, has also placed a deposit on a penthouse, Beltran said.

The developers bought the site in November 2012 for $775,000, Miami-Dade property records show. Fortis obtained a $3.4 million construction loan from City National Bank of Florida, arranged by Aztec Group.

The site is behind Panther Coffee, and is in walking distance to Wynwood Walls, Wynwood Kitchen & Bar, Joey’s Italian Cafe, Zak the Baker and jugofresh.

“When people ask me what are the amenities in the building, I tell them Wynwood is the amenity,” Beltran said. “It’s a groovy mixture of art and nightlife, and everything is in walking distance. It’s a nine-block radius [from 20th Street to 29th Street], so you can do everything, and a lot of neighborhoods don’t offer that.”

Developers have increasingly taken notice of the former warehouse district, with an eye on future projects. Among them is New York developer Shahab Karmely of KAR Properties, who paid $12.5 million in December for a 1.03-acre site at 2050 North Miami Avenue. Karmely told The Real Deal earlier this month that he intends to expand his holdings in the arts district.

“In Wynwood we want to take our time and put in the right project,” he said. “We’re  watching how Wynwood is evolving.”

A New York-based real estate investment firm founded by developers Jonathon Yormak and David Peretz is also proposing a 23,500-square-foot project aimed at transforming a Wynwood wholesale shoe warehouse into a trendy retail plaza with a rooftop lounge.

“We are coming in during the second inning of a nine-inning game.”
“We see it as the next Meat Packing District, Soho and Williamsburg,” Yormak told TRD in August. “We believe we are coming in during the second inning of a nine-inning game. What you are seeing now is just the beginning of what Wynwood will be in 10 years.” 

Sales of 250 Wynwood launched in December 2013, with non-penthouse units priced at $420 to $450 per-square-foot, Beltran said. One-bedroom units started in the $350,000 range, two bedrooms in the $600,000 range. Each unit features 10-foot ceilings with open living spaces, floor-to-ceiling windows and oversized private balconies, she said.

The ground-up development is designed by New York City architect Laith Sayigh. It will feature site-specific artwork chosen by Miami gallerist Anthony Spinello.

“We’re staying true to the neighborhood, with each canopy with a different mural, rather than making a building that has nothing to do with the neighborhood,” Beltran said. “Its kind of, almost, bringing in a more upscale living environment in Wynwood.”