Wynwood property with an artsy past lists for $11M

Site, owned by Always Flowers, previously housed Aqua Art Miami

Jun.June 08, 2015 04:30 PM

A Wynwood property that was the site of the Aqua Art Miami show during Art Basel Miami Beach last decade has been listed for $11 million, The Real Deal has learned.

The 22,709-square-foot property, at 42 and 50 Northeast 25th Street, is currently owned and occupied by Always Flowers, listing broker Ari Dispenza, principal of Central Commercial Real Estate, told TRD.

Always Flowers, an event designer, had sold its previous site at 50 Northeast 39th Street in the Design District for $2.715 million in December 2011, and relocated to its current site in Wynwood, Dizpenza said.

Miami-Dade property records show that Kako Afe, in care of Always Flowers’ owner Karen Cohen, paid $2.235 million for the Wynwood property in December 2011. The building was built in 1955.

Always Flowers has made extensive improvements to the site, “making it one of the most impressive adaptive re-use projects in Wynwood to date,” Dispenza said.

“They put in all new plumbing, electric, glass partition walls. It was an empty warehouse,” he said, “It was a soup-to-nuts renovation, new everything. They did the building completely over.”

The building also features 23-foot ceilings and skylights. “In this neighborhood, where there are a lot of old garment manufacturing warehouses with very low ceilings, it’s unique,” he said.

Ideally, Always Flowers would lease back the building after it sells, Dispenza said.

The site is within the area of Wynwood that is proposed for higher density residential and commercial rezoning, he said. Currently, the property is zoned for “industrial intensive, heavy-light manufacturing and warehousing-storage type use,” according to property records.

In anticipation of new zoning, prices have been rising in Wynwood, amid a surge of  interest from developers.

Among recent sales, New York-based Thor Equities  last week completed its $26.9 million purchase of nearly a square city block, at 2801 Northwest Third Avenue.

In March, a 78,050-square-foot lot in Wynwood was purchased by Jeronimo Hirschfeld, developer and CEO of Miami-based One Real Estate Investment. The vacant land, at 2201/2245 North Miami Avenue, sold for $15 million, a five-fold increase in three years. Also in March,  Brodson Construction bought a Wynwood office building at 2400 Northeast Second Avenue for $3.7 million, with plans to redevelop the property into retail space. And Redsky Capital paid $26 million in March for a property at 2621 Northwest Second Avenue called the Wynwood Block.

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