Wynwood keeps on changing! What’s next ?
Real estate investment in Wynwood continues to accelerate, with yet another major firm plunking down big money for land in the neighborhood.
Quadrum Global, an international investment management firm headquartered in London, has paid $8.5 million for an assemblage of three parcels totaling 30,000 square feet at 2217 NW Miami Court. The sale closed Thursday.
The property is currently occupied by vacant warehouses and is across the street from the Wynwood Arcade, home to popular eateries such as The Salty Donut, Ooh Raw Poke and Three by Norman Van Aken.
The land is zoned for buildings up to 12 stories in height and up to 249,000 square feet of development — the highest density allowed in the Wynwood district.
Quadrum has not announced specific plans for the land and declined to comment for this story. But the company, which owns more than $1 billion in investments around the U.S., specializes in redeveloping distressed properties into hotels.
Examples include the Nautilus Hotel at 1825 Collins Ave. on Miami Beach, which Quadrum acquired in 2011 and reopened in 2015. Quadrum has listed the 251-room hotel at an asking price of $180 million.
Other Quadrum properties include the B Orlando in Orlando, two Arlo-branded boutique hotels in New York City and the Godfrey Hotel in Chicago. The company is currently redeveloping several other properties into hotels, including the Essex Inn and Julian Hotel in Chicago.
The Quadrum Wynwood purchase is the latest in a flurry of high-priced transactions that are fueling the rapid transformation of the former warehouse district into another upscale downtown Miami offshoot. It is located near Midtown, the Design District and the booming Edgewater area.
On Wednesday, the Miami New Times reported that the Italian fashion brand Diesel plans to build a luxury condo building in Wynwood. According to The Next Miami, the 143-unit building will be located at 161 NW 28th Street.
The Miami-based home builder Lennar Corp. is bringing an 11-story rental apartment to Northwest 29th Street, the current location of O Cinema Wynwood and Wynwood Yard, which will both close in the spring of 2019.
The Wynwood Garage, an eight-story, 428-space parking garage anchored by 20,500 square feet of retail space, opened Nov. 26. The 24-hour garage, located at 301 NW 26th St., was developed by Goldman Properties.
Various office and residential projects are currently under construction around Wynwood, including a micro-unit apartment building by The Related Group and an eight-story office complex, Cube Wynwd, by Red Sky Capital. Both are due for completion next year.
“Wynwood has been in the making for two decades and now it’s reaching a critical mass,” said Tony Cho, president and CEO of Metro 1, which represented the buyer and the seller in the sale and has several other Wynwood properties on the market. “There are some really impressive brands coming in. Apple, Google and Facebook are all looking in the neighborhood. There’s a creative alchemy happening that’s inspired by Wynwood’s artistic backdrop.”