A vacant lot west of Midtown Miami has sold for $980,000, The Real Deal has learned, as demand for the formerly forgotten area between Wynwood and the Design District heats up.
The developable, 7,980-square-foot parcel, at 250 Northwest 36th Street, was purchased by 250 NW 36 LLC, Lyle Chariff, president of Chariff Realty Group, which brokered the deal, told TRD. Florida corporate records show Staci Rutman as the manager of the LLC, which was created in April.
The land was previously owned by John Stachl, who had purchased the property in 2003 for $78,000, according to Miami-Dade property records.
The sale, which closed on Thursday, equates to an 11.6 times increase in 12 years.
Chariff said his firm has been focusing on Northwest 36th Street, between Biscayne Boulevard and the expressway in Miami, convincing long-time landowners that now is the time to sell.
“It’s become a very hot, targeted area,” Chariff told TRD.
Since January 2014, Chariff Realty has completed $13 million in property sales on Northwest 36th Street, from Northwest Second Avenue to Northwest Fifth Avenue, Senior Commercial Realtor Luis Guevara told TRD. Listings are mounting, and “several other parcels are under contract,” he added.
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A rendering of a five-story showroom planned for 285 Northwest 36th Street in MIami
“It was neglected and passed over, and we decided to focus on that area,” Chariff said. “Luis has been at Ground Zero there, going door to door, pounding the pavement.”
Buyers are expected to redevelop the sites with cultural attractions, retail stores, showrooms and restaurants, said Chariff, whose group also includes partner Mauricio Zapata.
New projects underway include a five-story, 15,000-square-foot “high-end furniture” showroom at 285 Northwest 36th Street said Chariff and Guevara, who declined to name the occupant. Construction is expected to begin in January 2016.
Demand is spreading from Wynwood to the Design District and beyond, as properties of all sizes are being snapped up for redevelopment.
Last week, Doral investors — linked to the city’s mayor — picked up the 5,483-square-foot site of a neighborhood church at 4314 Northwest Second Avenue, for $515,000. And a grocery store at 4501 Northwest Second Avenue also sold last week, for $800,000.