Wynwood Miami Existing Office/Retail with Redevelopment Opportunity
Rated one of the most alluring areas in the country
MIAMI, FL (October 18, 2017) – Hilco Real Estate, LLC and USA Pro Realty announce the date of November 15, 2017 as the initial qualifying bid deadline for a Wynwood Miami neighborhood office and retail property ideal for redevelopment. The offering includes two income-producing buildings on three city lots (21,000 SF of Total Land & 11,000 SF Building). Located at the intersection of 29th Street and NW 3rd Avenue, this collection of properties is walking distance from both Miami Avenue — the connector of Miami’s primary urban neighborhoods including Midtown, Wynwood, Downtown and Brickell — and NW 2nd Avenue, the principal commercial corridor of the Wynwood Arts District. Wynwood is fast becoming the “Soho of Miami,” making it home to new fashion brands, cutting-edge restaurants, one-of-a-kind retailers, and active nightlife.
This opportunity, with its attractive zoning (T6-8) and potential city incentives (including Workforce Housing eligibility), allows for a vertical development of up to 196,800 gross building square feet in twelve stories (architect and zoning attorney analysis included in the virtual deal room). The existing buildings currently generate $263,273 in annual gross income, approximately $24 per square foot, which is well below current market rates. The new owner can take advantage of this existing rental income and potentially raise the rates or use the income to defer expenses while development plans are in the approval process.
Formerly known as an industrial district, Wynwood has transformed the area into a colorful, living, breathing work of art. Wynwood’s industrial history, increasing millennial population, retail growth and street art have made it a favorite among locals and tourists alike.
Maximo Rodriguez, for Hilco Real Estate stated, “We are very excited to bring this property to the market in one of the most coveted neighborhoods in the United States. Still underserved and under supplied, Wynwood is one of those rare and eclectic neighborhoods combining the best of the arts, retail, restaurants, night-life, and business all within minutes to downtown Miami, Miami Beach, and South Beach.”
Matthew Jacocks, Principal for USA Pro Realty commented, “The combination of the existing rental revenue, under market rents, high-density zoning, available city incentives with Workforce Housing eligibility, and ideal location, make this a one-of-a-kind opportunity.”
The initial qualifying bid deadline is November 15, 2017 at 5:00 p.m. EST. To participate in this offering, interested parties should review the extensive due diligence information located in our virtual deal room.
For more due diligence information and to view the executive summary, please visit www.HilcoRealEstate.com/Wynwood or contact us at 855-755-2300. Hilco makes no representations or warranties with respect to the property. Any statements and information with respect to the property were provided by sources deemed reliable and are subject to the buyer’s due diligence.