The Real Deal Miami

Owners of Coyo Taco to launch new restaurant in Wynwood

Lease comes out to $26,000 a month

July 07, 2016 05:15PM
By Katherine Kallergis

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A proposed rendering of 143 Northwest 23rd Street in Miami (via Loopnet)

A proposed rendering of 143 Northwest 23rd Street in Miami (via Loopnet)

A pair of owners of Coyo Taco are doubling down on Wynwood with plans for a new restaurant.

Amadeus Concepts LLC signed a five-year lease for the property at 137-143 Northwest 23rd Street, Tony Arellano of Metro 1 told The Real Deal last month. The LLC is managed by Coyo owners Alan Drummond and Sven Vogtland who partnered up with Gabriela Chiriboga.

The company has plans for a food and beverage concept with 5,000 square feet of indoor space and a 5,000-square-foot patio. A spokesperson for Drummond and Vogtland told TRD that plans for the space are in preliminary stages.

The restaurant’s lease is an annual rate of $62.50 triple-net, which comes out to about $26,000 a month, Arellano told TRD. The off-market lease was brokered by Arellano and Fortune International Realty’s Ricardo Du Pond, and Tom Evental of Domain Real Estate Services.

Wynwood Elite Properties bought the building in January for $3.2 million. Arellano arranged that deal as well. Records show Ronald Firman of Miami controls the LLC.

Coyo will remain at its flagship Wynwood location, which is nearby at 2300 Northwest Second Avenue. The eatery announced it was opening a second Coyo at Axis Brickell in April.

A slew of new restaurants are headed to Wynwood, including Crudos Fusion Sushi at 250 Wynwood, KYU, and a new concept from chef and restauranteur Norman Van Aken.