Dev site with retail-office building in Wynwood Norte hits market for $25M

Zoning allows for hotel, retail and 200 resi units

Miami /
Apr.April 26, 2021 11:30 AM
Asi Cymbal and 3466 North Miami Avenue (Cymbal)

Asi Cymbal and 3466 North Miami Avenue (Cymbal)

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.

“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.






    Related Articles

    arrow_forward_ios
    UOVO Founder Steven Guttman (UOVO)
    UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
    UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
    Chef Jorge Kauam and 310 Northwest 25th Street 
    Investors team up with pastry chef and chocolatier for planned Wynwood market
    Investors team up with pastry chef and chocolatier for planned Wynwood market
    RedSky Capital’s Benjamin Bernstein and 2159 Northwest First Court (Redsky, Google Maps, iStock)
    Fisher Brothers pays $18M for Wynwood assemblage owned by RedSky venture
    Fisher Brothers pays $18M for Wynwood assemblage owned by RedSky venture
    Guess CEO Carlos Alberini (Getty, Google Maps)
    Guess it didn’t work out: Guess loses suit seeking rent break at Lincoln Road store in Miami Beach
    Guess it didn’t work out: Guess loses suit seeking rent break at Lincoln Road store in Miami Beach
    David Grutman (center) with Shareef and Al Malnik and the Forge at 432 West 41st Street in Miami Beach (Getty, Google Maps)
    Expanding his empire: David Grutman to take over The Forge in Miami Beach
    Expanding his empire: David Grutman to take over The Forge in Miami Beach
    325 East Atlantic Avenue in Delray Beach (Google Maps)
    Downtown Delray Beach retail building sells for $12M
    Downtown Delray Beach retail building sells for $12M
    700 West Hillsboro Boulevard in Deerfield Beach (Google Maps, iStock)
    Lease roundup: Forensic DNA lab expands at Deerfield Beach office park & more
    Lease roundup: Forensic DNA lab expands at Deerfield Beach office park & more
    Dacra’s CEO and president Craig Robins. (Getty)
    Commissioners give green light to 36-story tower in the Miami Design District
    Commissioners give green light to 36-story tower in the Miami Design District
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...