A small, charming and ramshackle home on a street bursting with new commercial activity in Miami’s Wynwood neighborhood has traded for nearly $1 million, The Real Deal has learned.
The residence, at 158 Northwest 24th Street, was purchased for $995,000 by Saban Family Properties, attorney and developer Ariel Saban told TRD. The family also owns its Saban + Solomon law office building at 400 Northeast 36th Street in Miami, and has developed properties in Fort Lauderdale, he said.
The investors bought the home from the estate of Rafaela Ferrari. Jonathan Gerszberg, vice president of investments for Marcus & Millichap, and Andy Charry, Marcus & Millichap sales associate, represented the buyer and seller.
The buyers plan to renovate the two-bedroom, one-bath home and lease it to a national retailer or restaurant, Saban said. The 915-square-foot home, built in 1939, sits on a 5,250-square-foot property, according to Miami-Dade property records. It’s sandwiched between two warehouse buildings.
“We’ve had a lot of inquiries from restaurants and national retailers,” Saban said. “We’re going to keep the structure, the uniqueness, and bring it up to life, and bring a lot of movement down the road from 24th Street.”
The goal, he said, its to keep it in line with the character of Wynwood
As Wynwood draws more investor interest, other firms are redeveloping properties, and a flurry of new retailers are setting up shop.
“This whole street is exploding,” Saban told TRD. “It’s crazy.”
Down the street from the home are businesses including J. Wakefield Brewery and the offices of Vice Media. On the same street, East End Capital is building Wynwood Arcade, at 74 Northwest 24th Street, which will include 20,000 square feet of retail and restaurants. Across the street, Jameson Realty Group and Yellow Side Ventures bought 151 Northwest 24th Street in March.
Nearby, Shinola is opening its first shop in the Southeast at 2399 Northwest Second Avenue. Warby Parker also has opened a store not far away, at 215 Northwest 25th Street. And Fortis Development Group, which is building 250 Wynwood, has bought a three-unit apartment building at 222 Northwest 24 Street.
Investors are awaiting potential upzoning of the area.
The city of Miami’s Planning, Zoning and Appeals Board recently approved a slate of changes to zoning and land use designations that would allow denser residential developments on roughly 205 acres in Wynwood. The recommendations must still be finalized by the city commission.