Dorissa of Miami, a storied property that once played a role in Wynwood’s garment industry, hit the market for roughly $25 million, The Real Deal has learned.
The 0.8-acre site, consisting of a two-story office, retail and restaurant building built in the 1950s, is at 28 Northeast 28th Street in Miami. It’s fully leased, according to broker Chris Lentz.
Lentz and Andy Slowik are leading the Cushman & Wakefield team marketing the property on behalf of the owners, Veronica Maldonado Degwitz, Alexander Degwitz and Samuel Maldonado.
Tenants include restaurant SuViche, nonprofit Miami Biennale, medical diagnostic imaging center Midtown Women’s Center and Wynwood Tailors.
The site can be redeveloped into a multifamily building with up to eight stories and 122 units by right, or up to 12 stories and 182 units with bonuses, according to an analysis by the brokers.
Yet, under the Live Local Act, a state law that gives developers wiggle room on zoning in exchange for including affordable and workforce apartments in their projects, the site can be redeveloped with a tower of up to 60 stories with 810 units. Because this could be impractical on a site that’s less than an acre, an analysis shows that Live Local also allows a tower of up to 36 stories with 385 units, Lentz said.
A 60-story tower also could be impractical due to Federal Aviation Administration regulations that limit heights in the area to about 650 feet, he added.
Wynwood, which was redeveloped over the past decade and a half, was previously Miami’s garment district. In 1972, the late dressmaker Doree Fromberg opened her factory to accommodate her growing business at Dorissa of Miami. The site previously was an auto showroom.
At the $25 million asking price, a sale of the property would break down to $31.3 million per acre.
Nearby, developers Karl-Ulrich Ansorg, Yakov Elbaz, Ofir Gabriel and Amit Kort listed the 0.8-acre assemblage at 3350 Biscayne Boulevard and 234-264 Northeast 34th Street in Miami’s Edgewater in February for $32 million. The partners previously planned a mixed-use tower on the site.
Also, the Miculitzki family’s Block Capital listed in February its 16,866-square-foot retail building at 100 Northwest 25th Street in Wynwood for $15.5 million.
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