The developer of the proposed Wynwood Square mixed-use project has put the site on the market rather than proceed with building it, The Real Deal has learned.
Jeronimo Hirschfeld, founder and CEO of Miami-based One Real Estate Investment, planned the 12-story Wynwood Square at 2201 North Miami Avenue to have 241 apartments, 60,290 square feet of office space, 27,212 square feet of retail, and 481 parking spaces.
“My take in the beginning was to develop it, but I have created a lot of value…,” Hirschfeld told TRD. “I don’t get really attached to the properties, and in reality it is just leaving something for the next [developer] and you get a nice return and go on to the next deal.”
Hirschfeld said he has not put a price tag on the property, but said sites nearby have sold for $400 per square foot to $60o a square foot. At $400 per square foot, his 77,580-square-foot property could fetch $31 million; at $600 per square foot, it would sell for $46.5 million. Among recent sales, 2301, 2305 and 2311 North Miami Avenue sold for $614 per square foot in August 2016.
Cushman & Wakefield’s institutional multifamily group’s Robert Given, vice chairman; Troy Ballard, senior managing director; and Zachary Sackley, executive managing director, have the listing for Wynwood Square, which comes with plans and construction drawings by Stantec. The site is zoned T6-8, which allows residential, office, retail and hospitality uses. The property is “shovel ready” and is entitled to have up to 267 apartments, according to the offering obtained by TRD.
Property records show Hirschfeld’s company bought the property for $15 million in 2015. He said he has invested several million dollars more in pre-development costs. His firm is active in multifamily projects, and owns 2,500 apartments in South Florida, as well as 2,500 in Dallas and Houston, he said.
Amid a cooling condo market, developers are increasingly switching their focus to multifamily projects, and Hirschfeld said he wants to take advantage of that change in climate. “The condos are slowing down a little bit and [developers] are turning to multifamily,” he said. “Mine is a multifamily, mixed-use [project], and there must be a good appetite out there.”
Wynwood Square joins a wave of other mixed-use developments planned for the artsy Miami neighborhood, including Wynwood 26, to be developed by the Related Group and Block Capital Group. The project at 51 Northwest 26th Street plans to have 174 apartments and 35,800 square feet of commercial space on the ground floor. Also, East End Capital is planning Wynwood 25, a 400,000-square-foot project with 289 apartments, 31,000 square feet of ground floor retail and 340 parking spaces.
Earlier this month, the Miami Urban Design Review Board approved an office and retail project, Gateway at Wynwood, at 2916 North Miami Avenue, to be developed by New York-based R&B Realty. The 12-story building would have 184,800 square feet of office space, 33,750 square feet of retail space and 574 parking spaces.
And RedSky Capital is planning Cube Wynwyd, an eight-story office building designed by Arquitectonica. Located at 222 Northwest 24th Street, the project would have 80,000 square feet of office space and about 11,400 square feet of retail space.