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
Goldman Properties' Jessica Goldman Srebnick with 2501 Northwest 5th Avenue and the lot at 413 Northwest 25th Street, Miami (Getty, iStock)

Goldman Properties buys Wynwood property for discounted $5M

Goldman Properties buys Wynwood property for discounted $5M
Pharrell Williams and David Lerner with a photo of 2545 Northwest Third Avenue and a rendering of the Billionaire Boys Club exterior (Getty, Google Maps, Lerner Family Properties)

Pharrell’s Billionaire Boys Club to open store in Wynwood

Pharrell’s Billionaire Boys Club to open store in Wynwood
Angel Febres, partner, Homecookin’ Hospitality and Metro 1 Managing Director Andres Nava

Wynwood nightclub building hits the market

Wynwood nightclub building hits the market
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M
From left: Benjamin Bernstein, Pan Shiyi, and Zhang Xin (Credit: Google Maps, Dickson Lee/South China Morning Post via Getty Images)

Lender closes on RedSky and JZ’s Wynwood assemblage

Lender closes on RedSky and JZ’s Wynwood assemblage
Wynwood Works rendering and Udonis Haslem (Credit: Bobby Metelus/Getty Images)

Magellan Housing and Miami Heat star Udonis Haslem to build Wynwood apartment project on city-owned land

Magellan Housing and Miami Heat star Udonis Haslem to build Wynwood apartment project on city-owned land
Peter Vauthy and Red South Beach (Getty)

The Weekly Dish: Red South Beach signs $5M lease for new space & more

The Weekly Dish: Red South Beach signs $5M lease for new space & more
Adam Henick, Stefano Santoro, and Brandon Charnas

Instagram ready: Current Real Estate Advisors expands to Miami

Instagram ready: Current Real Estate Advisors expands to Miami
arrow_forward_ios

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

Loading...