Block Capital Group buys property in Wynwood for $11M, plans redevelopment

Project will have restaurant and retail space, current tenants to move out by April 15

Mar.March 14, 2017 08:45 AM

Renderings on top of the properties at 285 and 295 Northwest 27th Street in Wynwood

Block Capital Group just closed on a corner property in Wynwood where it’s planning a restaurant and retail project.

The firm, led by CEO Martin Miculitzki, paid $11 million for the 12,100-square-foot lots at 285 and 295 Northwest 27th Street, Gaston Miculitzki told The Real Deal. The purchase price breaks down to $909 per square foot for the land and $1,144 per square foot for the 9,616-square-foot building.

Gaston Miculitzki, of BM2 Realty, said he has letters of intent with deposits for about 50 percent of the building, which will be redeveloped into five spaces. The project will be catty corner to the new parking garage being developed by Goldman Properties at 2660 Northeast Third Avenue, and is about a block away from Zak the Baker’s new cafe.

Records show Chia-Jung Hsu and Amy Ya Ping Liu of Pembroke Pines sold the parcels to Block Capital Group. They last sold for a combined $168,000 between 1993 and 1994.

Miculitzki said the project will be completed by September of this year, and that the developer received approvals back in October. The sellers will leave the building by April 15.

The property is next to a land site that RedSky Capital and JZ Capital Partners acquired in September for nearly $31 million, or about $565 per square foot.

As Wynwood has grown, prices for land and rented space have skyrocketed. According to a CIASF report released in February, the maximum lease price per square foot increased from $40 in 2012 to $100 in 2016. The average land price in 2016 was $300 per square foot compared to $50 per square foot in 2012. And the average building price jumped from $200 per square foot in 2012 to $1,000 per square foot in 2016.

New projects planned for the artsy district include Block Capital and the Related Group’s Wynwood 26. East End Capital’s Wynwood 25 and RedSky Capital’s Cube Wynwood office development.

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