A city block in Wynwood, spanning two acres from NW Second and Third Avenues east to west and 28th to 29th streets north to south, has been listed for sale for $45 million.
The site is the former location of Impex Systems Group, a manufacturer of picture hanging hooks located at 2801 NW Third Ave.
The property was assembled five years ago by Rockwood Capital, a New York investment firm. Because the parcels that comprise the entire block were bought separately, the previous sales price for the land is not available.
The listing is being handled by Devlin Marinoff of Whitehall Realty Group and Tony Arellano of Metro 1 Commercial.
Arellano said that although the shuttered factory’s 55,000-square-foot building still stands on the property, the 90,000-square-foot site is best suited for a large redevelopment. The asking price breaks down to $500 per square foot.
The location takes advantage of the highest density in the Wynwood Neighborhood Revitalization zoning overlay, which means the block could house a 311-unit apartment building up to 12 stories in height, along with 60,000 square feet of retail.
“There’s a lot of interest by developers to build in Wynwood now,” Arellano said. “The hard part is finding a sizable piece of real estate at a reasonable price.”
Property values in Wynwood have skyrocketed over the last decade as the former industrial district has become a popular haven for arts, restaurants and cultural attractions. For instance, a 36,000-square-foot warehouse at 95 NW 29th St., the current home of the Rubell Family Collection, sold for $450,000 in 1993, or $12.50 per square foot.
Residential projects currently under construction in the area include Wynwood 25, a 289-unit apartment building at 252 NW 25th St. developed by The Related Group and East End Capital. Another apartment building, Wynwood 26, is in the planning stages at 51 NW 26th St.
Marinoff and Arellano previously collaborated on the record-setting $53.5 million sale of a 42,000-square-foot property at NW 26th Street and Second Avenue, which will be developed into a retail project named Wynwood Park. That price came out to $1,250 per square foot.