Bon appétit: Investor buys Wynwood site with plans to lure Montreal restaurant

WYN Realty, led by Philip Kakon, bought the warehouse at 271 Northwest 23rd Street with plans to convert it to restaurant space

TRD MIAMI /
Sep.September 06, 2018 04:30 PM

271 Northwest 23rd Street in Wynwood, Canadian flag

A Canadian investor just purchased a Wynwood warehouse with hopes of bringing in a hip, new Montreal-style restaurant to the artsy Miami neighborhood.

WYN Realty, led by Philip Kakon, bought the 3,717-square-foot mixed-used warehouse at 271 Northwest 23rd Street for $3 million. The sale equates to $807 per square foot. The building sits right across the street from Moishe Mana’s massive Mana Wynwood development. 

Kakon plans to bring some of Montreal’s “vibe and nightlife” to Wynwood by bringing a restaurant to the area that “mimics the style of the greater Montreal,” according to a release. The purchase will be WYN Realty’s first acquisition in Miami.

Jon Kotler, owner and CEO of Realmont Group, part of KW Elite Properties, represented the buyer. He said WYN Realty is a big investor in Montreal and is looking to expand further in the Wynwood market. He could not disclose the opening date or the name of the restaurant.

Montreal is known for its eclectic food scene with restaurants such as David McMillan’s Joe Beef and Normand Laprise’s Toqué!

The Colliers’ International South Florida team of Mitash Kripalani, Gerard Yetming and Julian Zuniga represented the sellers — husband and wife Fahd and Kiran Mumtaz. The Mumtazes, who own the New York firm Adnet Advertising Agency, paid $2.9 million for the warehouse in 2016, which they then leased to Acoustic Architects, a tech firm that installs automation systems.

Kripalani said the site was initially marketed for redevelopment and received interest from both Latin American and domestic buyers in the property. He said the site still represents a strong redevelopment opportunity in the future.

There is currently 2.3 million square feet of space under construction in Wynwood, according to the release. The area has an additional 3.3 million square feet of proposed retail, office, multifamily and hotel developments. In the last 24 months, there were $2.03 billion commercial sales in area, according to the release.


Related Articles

arrow_forward_ios
From top left, clockwise: Wynwood 28, the Allapattah apartment building, Miami Riverside Center, and the Target-anchored mixed-use project in Miami’s Overtown

Mixed-use projects from Swerdlow, Kushner, TSG Group proposed in Miami

Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

From top: Miami Produce Center, Mana Wynwood and Magic City Innovation District

Miami board votes to repeal Special Area Plans

David Edelstein and a rendering of the Wynwood site

David Edelstein sells Wynwood site to AMLI for $35M

Kobi Karp and the Miami Ad School property (Credit: Wikipedia)

Architect Kobi Karp buys Miami Ad School in Wynwood

Gateway at Wynwood and Rose & Berg Realty Group's Aron Rosenberg

Gateway at Wynwood scores $76M loan

Kris Hinson, Miguel Pinto, 2210 Northwest Miami Court (Getty Images)

Porn king scores Wynwood development site

Grails Sports Bar, Tony Arellano and Devlin Marinoff

Grails Sports Bar buys its Wynwood building

arrow_forward_ios
Loading...