Wynwood retail development lands Ducati as tenant
Luxury retailers are beginning to take notice of Miami’s evolving Wynwood neighborhood, which is becoming known for more than just its arts scene.
Italian motorcycle giant Ducati announced plans to move its Miami dealership to the Wynwood Gateway Complex during Wednesday’s ribbon-cutting ceremony for the retail development, the Miami Herald reported. Ducati, which is owned by the German auto conglomerate Volkswagen, is the first tenant to commit to the Northwest 29th Street and Second Avenue project.
Tony Cho, president of Wynwood Gateway developer Metro 1, said Ducati could be the first of many international brands to establish a foothold in the area. Numerous regional, national and international restaurant chains are also interested, while companies like Facebook are looking for office space in Wynwood.
One potential consequence of Wynwood’s broadening appeal: rising rents could force out many of the existing art galleries that have become synonymous with the neighborhood.
Check out The Real Deal’s South Florida Facebook page for photos from the Wynwood Gateway event. [Miami Herald] — Eric Kalis