Investors look to cash in on Design District prices with nearby listing

Property last sold for $800,000 in 2015

TRD MIAMI /
May.May 19, 2016 04:00 PM

In a bid to cash in on a possible expansion of Miami’s Design District, two investors have put a commercial property on the district’s border up for sale at $2.5 million.

The listing is for two side-by-side parcels at 185 Northwest 45th Street and 4501 Northwest Second Avenue, which are a little under a mile west from the heart of the Design District.

The lots are sized at 14,400 square feet and are occupied by a mom-and-pop grocery store called Food Check, which itself measures 6,555 square feet.

In April of last year, Arthur Bartholomew and Thomas Neary paid $800,000 cash to purchase the parcels from the owners of Food Check and have since cleaned up what Bartholomew described as a “messy” title situation.

Although Food Check still has its lease until 2020, Bartholomew told The Real Deal that he hopes to ride a wave of rising property values as the hot — and now uber expensive — neighborhoods of Wynwood and the Design District expand outward.

On his and Neary’s property, the current T4 zoning allows for redevelopment of up to three stories with 8,640 square feet on the ground floor. The zoning also allows for 36 units per acre, so at 0.33 of an acre, the site could potentially house just under 12 residences. Low-rise developments of that kind are typical of Wynwood, where many of the new retailers are occupying former small-scale industrial buildings.

Property values in Wynwood and the Design District have exploded in recent years as investors and developers look to cash in on a cultural wave transforming both neighborhoods. Deals worth more than $100 million each became commonplace as New York firms like Thor Equities and RedSky Capital swept up entire blocks.

To Bartholomew and Neary’s credit, they are not the only ones trying to capture the magic: a group of investors including the mayor of Doral’s son, Alexander Boria, have been purchasing properties along Northwest 2nd Avenue and enticing local artists to paint them with Wynwood-esque murals.


Related Articles

arrow_forward_ios
Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings
Jorge Pérez and Jon Paul Pérez with the Wynwood properties

Related Group pays $19M for Wynwood development site

Related Group pays $19M for Wynwood development site
Clockwise from top left: 3995 North Miami Ave., 5 Northeast 39th St., 1 Northeast 40th St. through 35 Northeast 40th St. (Credit: Google Maps, iStock)

Lender lists troubled RedSky’s Miami Design District portfolio

Lender lists troubled RedSky’s Miami Design District portfolio
From left: David Weitz, Steve Wernick, Michael Lirtzman, Joe Furst, and Erik Rutter

Silicon Valley heads to Wynwood’s office market

Silicon Valley heads to Wynwood’s office market
Stuart Miller, Wynwood Green

Lennar scores $45M construction loan for Wynwood apartment project

Lennar scores $45M construction loan for Wynwood apartment project
Wynwood 25

Wynwood BID proposes to allow outdoor music until 3 a.m.

Wynwood BID proposes to allow outdoor music until 3 a.m.
Rendering of East End Capital

East End Capital launches co-living platform with first project in Wynwood

East End Capital launches co-living platform with first project in Wynwood
Rendering of Wynwood 28 and Laurent Morali 

Kushner lands $18M loan for Wynwood projects

Kushner lands $18M loan for Wynwood projects
arrow_forward_ios

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

Loading...