Miculitzki, Cabi Development buy King Automotive site in Wynwood for $6M

Arquitectonica is working on plans for a retail/restaurant project

Dec.December 02, 2016 12:00 PM
King Automotive building and possible renderings of Block Capital Group's project

King Automotive building and possible renderings of Block Capital Group’s project

Block Capital Group, a joint venture between the Miculitzki family and Cabi Developers, paid $5.8 million for the King Automotive site in Wynwood with plans for a retail/restaurant redevelopment.

Records show Leon and April Wegman sold the properties at 260 Northwest 28th Street and 255 Northwest 27th Terrace to Wynwood Spaces 2 LLC. Wegman operated the repair shop for more than 50 years, and told the Miami New Times earlier this year he sold it for more than 100 times what he paid. Previous sales information is not available.

The 4,000-square-foot building sits on a nearly 10,000-square-foot lot. It was built in 1947.

Block Capital hired Arquitectonica and will present new plans to the city of Miami next week, Gaston Miculitzki told The Real Deal. He said future plans could include a market, restaurant/cafe and retail space with asking rents at about $65 per square foot, triple net, depending on the size of the spaces.

BM2 Realty and Central Commercial Realty represented Block Capital Group, and Jose Grullon of ISG represented the seller, Miculitzki said.

Block Capital is partnering with the Related Group on a mixed-use apartment project called Wynwood 26, also designed by Arquitectonica. This summer, Vitality Holding, managed by Martin Miculitzki, bought a nearly 18,000-square-foot building on Northwest 25th Street with plans to bring in new tenants. The Miculitzkis also own property near the Shops at Midtown Miami, in addition to other sites in Wynwood.

Related Articles


Join The Real Deal at its sixth annual Miami Showcase & Forum this week

La Social’s original location at 7601 Biscayne Boulevard (Credit: Google Maps)

The Weekly Dish: La Social to open in downtown Miami, Salt & Straw is going to Wynwood 25 & more

Tony Cho, Andres Nava and Valerio Morabito with 2143 Northwest First Avenue

Developer Valerio Morabito enters Wynwood market with $9M acquisition

A rendering of Arlo Wynwood

Quadrum Global plans Arlo hotel in Wynwood

From left: Jon Paul Perez, Alex Karakhanian, Tony Arellano and Devlin Marinoff over the site (Credit: Google Maps)

Related Group, Alex Karakhanian and partners drop $32M on Wynwood site

From left: Tony Arellano, Devlin Marinoff and 2729 Northwest Third Avenue

Miculitzki family lists property near Wynwood Walls for $18M

Daily Digest Miami

Target could be coming to North Beach, Related and Atlantic Pacific head to Miami board: Daily digest

Rendering of the Moxy Hotel, Pierre Charalambides and David Grutman (Credit: Kobi Karp)

Wynwood is getting its own Moxy hotel