The Real Deal Miami

Federal Donuts opening first location outside Philadelphia in Miami’s Wynwood

Asking rent for 2,200 square-foot space at 250 Wynwood is $65 per square foot

June 08, 2016 02:15PM
By Ina Cordle

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250 wynwood

Rendering of 250 Wynwood

Federal Donuts will open its first location outside Philadelphia in Miami at 250 Wynwood, as the artsy neighborhood continues to attract trendy eateries, The Real Deal has learned.

The popular shop, which serves gourmet donuts as well as Korean-style fried chicken created by Philadelphia chef Michael Solomonov, signed a 10-year lease for a 2,200-square-foot retail space. The asking rent was $65 a square foot, and the store will open in January 2017, a Thor spokesman told TRD

In September, New York-based Thor Equities began leasing two retail spaces with an option to buy at 250 Wynwood, a new six-story condo project at 250 Northwest 24th Street developed by Fortis Development Group. The other retail space, with 1,800 square feet, is in contract negotiations, the Thor spokesman said.

Known for its artsy vibe, Wynwood is bursting with new retail shops and restaurants that are attracting locals and tourists at all hours. Warby Parker, Marine Layer, Illesteva and Shinola have recently opened stores in the district, while new dining spots include Wynwood Diner, KYU and Salty Donut. Other nearby businesses include Ducati, Panther Coffee, Coyo Taco, Wynwood Kitchen & Bar, R House, Gravity Brewery and Boxelder Craft Beer Market.

Joe Sitt’s Thor Equities has been targeting Wynwood for property purchases in recent years. Last year, the company paid $29 million for nearly an entire block at 2801 Northwest Third Avenue. Thor’s Wynwood portfolio also includes 2800 Northwest Second Avenue, a 100,000-square-foot site with 45,000 square feet of retail space; and 2722 Northwest Second Avenue, a single-story retail property with 5,000 square feet on a 10,000-square-foot lot.

According to a Commercial Industrial Association of South Florida market report released in April, Wynwood ranked among the area’s hottest retail markets in 2015, with $165 million in retail property sales volume and a vacancy rate of 6 percent.