The Real Deal Miami

Dev site in Wynwood hits the market

Comp sales along Second Avenue have averaged $1,000 psf
By Katherine Kallergis | January 17, 2018 06:00PM

Aerial photo of the Wynwood assemblage (Credit: Cushman & Wakefield)

A development site along Northwest Second Avenue in Wynwood just hit the market.

The William & Doris Friedopfer Trusts are selling the 1.72-acre assemblage at 2421, 2431 and 2455 Northwest Second Avenue; 146, 159, 169 and 172 Northwest 25th Street and the lot at 153 NW 25th Street. Cushman & Wakefield’s Robert Given, Robert Kaplan, Troy Ballard, Errol Blumer, James Quinn and Mark Rutherford are marketing the property.

The assemblage is being listed without a price, but recent land sales along Northwest Second Avenue have closed for about $1,000 per square foot on average. That would come out to about $75 million.

The land is home to two industrial buildings totaling about 31,000 square feet and a 4,500-square-foot retail building leased to Romero Britto’s studio and art gallery, according to a release. It can be developed into up to 259 residential units or 540,000 square feet of retail, residential, office or hotel space.

Last month, a partnership between Link Real Estate and Jameson Equities paid $5.4 million for the nearby property at 2509 North Miami Avenue where it’s planning a creative office project.

East End Capital and the Related Group are also building Wynwood 25, apartments, and the Wynwood Annex, an office building being built alongside the rentals.