East End Capital gets approval to use air rights from Wynwood Arcade for Wynwood 25

Miami /
Feb.February 15, 2017 06:00 PM

The transferring of air rights has arrived in Wynwood.

The Wynwood Business Improvement District’s Design and Review Committee on Wednesday signed off on the first request to relocate developable space above an existing property to a new development. As a result, East End Capital will be allowed to transfer a portion of the air rights above its Wynwood Arcade retail building to its mixed-used development project, Wynwood 25.

Steven Wernick, a partner with Akerman representing East End Capital, told The Real Deal transferring some of the air rights from Wynwood Arcade will allow the developer to increase the floor-to-area ratio on the seventh and eighth floor of Wynwood 25, a 400,000 square foot building that will have 289 apartments, 31,000 square feet of ground floor retail and 340 parking spaces.

“Wynwood Arcade is a great example for the transferring of air rights in the neighborhood,” Wernick said. “The building has already been activated, tenants have moved in and people are going there.”

The transferring of air rights is typically reserved for historically designated properties and government buildings that cannot be redeveloped into taller structures. The city of Miami or property owners can sell the air rights to the owners or developers of another property that allows for higher density. As part of a massive rezoning of 205 acres two years ago, property owners of one-story and two-story warehouses in the neighborhood can now transfer air rights to other properties and developments in Wynwood after meeting a set of conditions.

For instance, a one-story or two-story warehouse must be readapted for commercial use before any transfer can take place, according to members of the BID design and review committee. Property owners can tear down some portions of their buildings, but must keep some elements, such as facades, intact. And they also have to make contributions to the Wynwood public benefits program.

“It is a way to give incentives to owners that keep their one-story and two-story buildings intact,” said Victor Sanchez, chairman of the design and review committee.

David Polinsky, chairman of the BID’s Planning and Zoning Committee, said the goal is to keep the neighborhood’s gritty industrial appeal, while at the same time accommodating new developments. “We create tremendous incentives for developers to come out of the ground,” he said. “But we also didn’t want to see the neighborhood to go from one-story to eight stories all at once.”


Related Articles

arrow_forward_ios
AJP Real Estate’s Alberto Pérez and Thor Equities’ Joseph Sitt with Wynwood Walk and MedSquare Health medical offices ( AJP Real Estate, Thor Equities)
Lease roundup: AJP, Mas fully lease Kendall medical offices
Lease roundup: AJP, Mas fully lease Kendall medical offices
2100 Northwest Miami Court, 2101 Northwest First Avenue and 2127 Northwest First Avenue (Google Maps, Getty)
Another Wynwood dev site hits market asking above $30M
Another Wynwood dev site hits market asking above $30M
Block Capital Group's Gustavo Miculitzki and a rendering of the proposed five-story, 17-unit apartment project at 91 Northwest 27 Street in Miami’s Wynwood (MKDA)
Block Capital proposes 17-unit Wynwood apartment project
Block Capital proposes 17-unit Wynwood apartment project
Evolve's Mike Winstead Jr. and Joe McKinney with rendering of the Evolve's Wynwood project (Evolve Companies, CTD Architecture)
North Carolina firm plans 141-unit Wynwood apartment project
North Carolina firm plans 141-unit Wynwood apartment project
Brick & Timber's Glenn Gilmore and Jesse Feldman with 215 NW 24th Street (LinkedIn, Brick & Timber, Google Maps)
Lease roundup: Brick & Timber, UBS nab tenants
Lease roundup: Brick & Timber, UBS nab tenants
Cube Wynwd, Ken Griffin and a Windstar Cruiseship (Google Maps, Getty, Windstar Cruises)
South Florida by the numbers: Headquarters heading here
South Florida by the numbers: Headquarters heading here
Thor Equities' Joe Sitt rendering of 2724 Northwest Second Avenue (Thor Equities, DWNTN Realty Advisors)
Thor Equities lists Wynwood dev site for $32M
Thor Equities lists Wynwood dev site for $32M
View of the buildings at 612, 817 and 815 Lincoln Road in Miami Beach and Terranova’s Stephen Bittel (Google Maps, Terranova Corp)
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
arrow_forward_ios

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

Loading...