A development site with a fully leased retail-office building in Miami’s newly anointed Wynwood Norte district hit the market for $24.5 million.
An investment partnership led by Cymbal Development is selling the 1.4 acres at 3452 and 3466 North Miami Avenue, 20 and 34 Northwest 35th Street, and 28 and 29 Northwest 34th Terrace, according to a release. Property records show the lots were assembled in 2002 and 2003 for $1.9 million.
Real estate developer and financier Cymbal Development, led by Asi Cymbal, is headquartered at the property and will keep its base there once a deal closes, according to listing agent Jeff Cohen of Brown Harris Stevens.
Other tenants in the 28,563-square-foot building, built in 1958, are The Carpet Boutique flooring business, The Sylvester cocktail bar and Saccaro furniture store.
Most of the acreage could be developed with a hotel, retail and up to 200 residential units, according to the release.
The listing comes on the heels of the Miami City Commission approving the Wynwood Norte zoning overlay for 140 acres in the northern part of Wynwood. The overlay allows for more development as long as investors provide affordable housing and help pay for community improvements.
Cymbal Development waited to list the site until after the overlay won approval, so the buyer will know what could be built, Cohen said. A condominium project is more likely than multifamily, in light of the influx of out-of-towners seeking to buy homes in Miami, he added.
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“Pre-Covid, any major developer in town wasn’t building condos. They were waiting for the inventory to finish. People were targeting market rent apartments, as that was the niche developers were going into,” Cohen said. “Once Covid came, everything changed. The residential market boomed and people want to buy condos.”
Other Miami-Dade County development sites that hit the market over the last month are a 3.2-acre property near North Miami, with an asking price of $10.5 million; and a 1.3-acre assemblage in Brickell, which the listing broker said is expected to sell for more than $25 million.