The Real Deal Miami

Wynwood retail building lists for $9.85M

Current owners paid $225k for the property in 1974
By Ina Cordle | May 15, 2017 05:15PM

2830 Northwest Fifth Avenue and from left, Scott Sandelin and Jonathan De La Rosa

A retail property on the edge of Wynwood has hit the market at $9.85 million.

The asking price for the 14,000-square-foot site at 2830 Northwest Fifth Avenue equates to $704 per square foot.

Marcus & Millichap’s Scott C. Sandelin and Jonathan De La Rosa have the listing, representing the seller, Fifth Avenue Real Estate LLC. Property records show the entity, led by Robert Nacron and Doree Fromberg, paid $225,000 for the property in 1974. The building was built in 1950.

“They have owned it a long time and want to take advantage of the market and what is happening in Wynwood,” Sandelin told The Real Deal.

The corner property’s current tenant, B-buda, an apparel and shoes store, has two years remaining on its lease, he said.

The current zoning, T6-80, allows a building up to 12 stories with bonuses, De La Rosa said. The property could be redeveloped as mixed-use, with retail, multifamily and/or office uses, he said. “It’s at the entranceway of Fifth Avenue, which in our opinion is the future of Wynwood because of the wide street, four-lane road, with a divided median.”

Since new zoning designations were put in place in Wynwood in late 2015 encouraging more density, mixed-use and residential developments, a number of new projects have been proposed.

A few blocks away, Moishe Mana is planning Mana Wynwood’s trade hub. Overall, Mana’s Special Area Plan spans more than 40 acres in the artsy neighborhood. Mana Wynwood encompasses 51,146 square feet of civic space, 3,487 residential units, 8,483 parking spaces, and a 2.5-acre privately owned park dubbed “Mana Commons.”

Also nearby, Goldman Properties is building an eight-story, 428-space parking garage at 2660 Northeast Third Avenue in Miami. The project will have about 20,600 square feet of retail on the ground floor and nearly 24,000 square feet of office space on the top floor.