Chinese construction giant leases space in Wynwood
China Construction America, the giant Chinese conglomerate that is building Baha Mar in the Bahamas, has leased space in Wynwood for a showroom and offices, The Real Deal has learned.
The company has signed a lease for 3,500 square feet at 2545 North Miami Avenue, Irma Figueroa, director of leasing and sales for the Comras Company told TRD. Figueroa represents the landlord in the deal.
“It is this type of tenant that is signing in Wynwood,” Figueroa said. “It speaks to the fact that large companies are coming to the market.”
China Construction America is a subsidiary of China State Construction Engineering Corp. Ltd, a Fortune Global 500 company and a public listed company in China.
Headquartered in Jersey City, New Jersey, Construction America is the parent of Plaza Construction, which is building various major projects in South Florida, including Paraiso Bay. The company is also constructing Baha Mar, the 1,000-acre, $3.6 billion resort, gaming and entertainment complex that filed for bankruptcy protection this summer. In October, the case was dismissed by a U.S. Bankruptcy Court in Delaware, which cited lack of jurisdiction.
A Miami-based China Construction executive reached by TRD declined to discuss plans for the Wynwood space.
The property at 2545 North Miami Avenue is now 100 percent leased, Figueroa said. The store Dishes for Dogs, the flower shop Sprouts and the gun range Lock & Load Miami are the additional tenants.
Miami-Dade property records show the building was purchased for $1.425 million in 2003 by PATBE Investments LLC. The entity’s managing members are Teddy Yan, Peter Yan and Edward Yan, corporate records show. The 21,164-square-foot building was built in 1940.
“It’s a great building with nice ceiling heights and onsite parking,” Figueroa said.
Wynwood, known for its artsy vibe, is a neighborhood transforming with new retail stores and restaurants. Among new retailers are Warby Parker, Illesteva and Marine Layer. New restaurants include Wynwood Diner and the Lunchbox. The area is also home to art galleries and one of the largest open-air street art installations in the world including Wynwood Walls, creative offices and showrooms.
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.