The Real Deal Miami

Dev site near Wynwood Arcade hits market, could fetch more than $16M, broker says

1.65-acre site could be redeveloped into 600,000 sf project
By Katherine Kallergis | November 30, 2017 01:30PM

Mika Mattingly and the development site in Wynwood

A development site in Wynwood that just hit the market could fetch anywhere from $16 million to nearly $20 million, according to comparable sales in the neighborhood.

The 1.65-acre property at 2335 North Miami Avenue is unpriced, but listing broker Mika Mattingly said land on streets away from Wynwood’s main corridor, Second Avenue, is trading for $225 per square foot to $275 per square foot.

Goltens, a marine repair facility, has owned and operated the site for at least 35 years. The company plans to lease space in Fort Lauderdale early next year, Mattingly, of Colliers International South Florida’s Urban Core division, said. She’s co-listing the property with Colliers’ Caitlin Inklebarger.

The site is zoned T-6-8 and T-5, which means it can be developed into 12 and eight stories, and between 400,000 square feet and 600,000 square feet. It’s being marketed as “the Oasis” and includes a 35,000-square-foot warehouse with a private cul de sac entrance. Mattingly said the property could be rented out as an event venue.

The site, in the southeast section of Wynwood, is a block away from East End Capital’s recently completed Wynwood Arcade, home to the Salty Donut. It’s also adjacent to a retail building that sold last year for $8.5 million, or $634 per square foot for the building and $614 per square foot for the land.