Wynwood assemblage hits the market for $28M

Miami /
Oct.October 07, 2015 10:30 AM

A development site in Wynwood hit the market for $28 million, The Real Deal has learned.

Marcus & Millichap’s Andy Charry, along with his business partner Jon Gerszberg, are the listing agents for the 48,476-square-foot assemblage at 201 Northwest 21st Street and 210 Northwest 22nd Street. The site is zoned for five stories, with a bonus of up to eight stories, Charry told TRD. Based on new zoning, up to 167,000 square feet and up to 150 units per acre could be built.

Wynwood Center includes a vacant 26,764-square-foot building, which breaks down to about 10,000 square feet of office space and 16,000 square feet of warehouse space.  It was developed in 1941 and includes 35 parking spaces.

Charry said the site is one of the largest remaining properties fronting Northwest Second Avenue. Mana Wynwood, a 30-acre complex in Wynwood, is one block northwest of the property. Mana recently proposed an 11 million-square-foot project with residential, hotel and commercial components.

“It’s at the doorstep of Mana’s project, which is favorable,” Charry told TRD.

Wynwood PropCo owns both parcels, according to Miami-Dade County property records. The LLC, led by Remy Jacobson, paid $3 million for the assemblage in December.

The area’s neighborhood revitalization district plan will go into effect on Oct. 24. The changes to zoning and land use designations will allow denser residential developments on roughly 205 acres in Wynwood.

In September, Thor Equities paid $41.5 million for more than an entire block at 2800 Northwest Second Avenue, a missing piece that gives it one square block and marks the largest deal ever in the neighborhood.

 

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