Roughly four years after being listed for about $10 million, a Wynwood site is back on the market for $16.4 million as development ramps up in the area.
Makers Shoes, a shoe wholesaler, owns the nearly 1-acre assemblage at 2045 Northwest First Avenue, 50 Northwest 21st Street and 2048 Northwest Miami Court. The property totals 39,600 square feet of land and nearly 30,000 square feet of buildings.
The assemblage, which is on the market with Metro 1’s Tony Cho and Andres Nava, is in the southeast quadrant of Wynwood, farther from the trendy neighborhood’s core. But projects are now moving forward in the area, including The Oasis, a retail and office project that broke ground at 2335 North Miami Avenue, and Wynwood Square, a 12-story, mixed-use building at 2201 North Miami Avenue. CIM recently closed on a $71 million construction loan for Wynwood Square, which it is co-developing with One Real Estate Investment.
Quadrum Global also acquired a 30,000-square-foot site at 2217 and 2233 Northwest Miami Court last year for $8.55 million.
The Makers Shoes site is zoned T5-O in the Wynwood Neighborhood Revitalization District, which allows for 285,000 square feet of building space, or an eight-story building with 136 residential units or a 273-key hotel, according to a release from Metro 1.
Property records show Markers Investments, Makers Development and Markers Shoes CEO Rodman Martinez paid a combined $2.17 million for the three properties in 2011.
Wynwood was historically home to clothing and shoe manufacturers, and was known as the Garment District. As it became more popular, a number of manufacturers moved out but the retail stores remained. In recent years, values have skyrocketed and a number of new projects are under construction or were recently completed.
The Real Deal reported last month that billionaire hotelier Sarkis Izmirlian, the original developer of Baha Mar in the Bahamas, paid $26.4 million for the properties at 201 Northwest 21st Street and 210 Northwest 22nd Street for a mixed-use project.