Recycling plant near Wynwood wants $25.2M

Miami /
Mar.March 17, 2016 07:23 PM

One company’s trash is another’s treasure.

The long-time Southern Waste Systems site near Wynwood has hit the market with an asking price of $25.2 million.

The 1.44-acre lot is located at 2000 North Miami Avenue near the southern border of Miami’s booming Wynwood neighborhood.

The owner is Southern Waste Systems, which bought the land in 2003 and 2007 for a total of $3.35 million, or about $53 per square foot, according to Miami-Dade County property records. Southern Waste sold a portion of its assets to Waste Management in January, though it retained ownership of the Wynwood site. The company is now asking more than $400 per square foot.

It’s currently used as a waste processing plant — what some would call a far cry from its “highest and best use.”

Jonathan De La Rosa of Marcus & Millichap, who’s co-listing the property with his colleague Scott Sandelin, told The Real Deal that the owners tried to sell the property on their own with an asking price of $30 million without much success.

“They wanted to hire a national firm that had the reach to sell the property,” he said.

With its recent upzoning to T6-8-0, the property has huge potential for a mixed-use development, de la Rosa said. A developer could build up to 196 residences, 40,000 square feet of retail and 380 parking spaces on the site.

The site also has 460 feet of linear frontage on Northwest 20th Street and North Miami Avenue, which means it could take advantage of the high traffic on both roadways, de la Rosa said.

“The buyer pools for these areas have a different set of goggles on,” he said. “They’re seeing the opportunity; they’re seeing millennials are moving toward these urban core markets.”

Wynwood’s popularity as an art destination caused a developer buying frenzy over the past year, which saw New York real estate giants like Thor Equities and RedSky Capital snap up large chunks of the neighborhood.


Related Articles

arrow_forward_ios
R & B Realty’s Shelby Rosenberg and The Gateway at Wynwood (R & B Realty Group, iStock)
Lease roundup: The Gateway at Wynwood scores three new tenants
Lease roundup: The Gateway at Wynwood scores three new tenants
A photo illustration of 85 Northeast 27th Street (top) and 100 Northeast 28th Street (bottom) (LoopNet, iStock)
Block Capital sells two Wynwood buildings for $19M
Block Capital sells two Wynwood buildings for $19M
From left: Scott Robins, Scott Srebnick and Philip Levine along with renderings of the Core Wynwood office building (left) and a proposed five-story apartment building (right) (Arquitectonica, Goldman Properties, Perkins&Will, City of Miami Beach, Public domain/via Wikimedia Commons, iStock)
Goldman Properties, JV of Scott Robins and Philip Levine propose Wynwood projects
Goldman Properties, JV of Scott Robins and Philip Levine propose Wynwood projects
Wynwood in Miami (Google Maps, iStock)
Here are the residential projects planned for Miami’s Wynwood
Here are the residential projects planned for Miami’s Wynwood
Brick + Timber principals Glenn Gilmore and Jesse Feldman and photo of the building at 2724 and 2734 Northwest First Avenue in Wynwood (LinkedIn, FutureVision Studios)
Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
David Barry, principal, Ironstate Development along with a rendering of the proposed eight-story building between Northeast 26th and 27th Streets in Wynwood (Ironstate, 5G Studio Collaborative)
Developer proposes Urby-branded apartments on former Art by God site in Wynwood
Developer proposes Urby-branded apartments on former Art by God site in Wynwood
Nuveen CEO Jose Minaya and 801 Brickell Avenue in Miami (Nuveen, Colliers)
Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
Michael Krymchantowski and a rendering of the Krymwood Hotel at 176 Northwest 28th Street (MKDA, Krymwood, iStock)
Brazilian investor gets Miami board’s OK to build Wynwood hotel
Brazilian investor gets Miami board’s OK to build Wynwood hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...