South Florida development firm Related buys 2.27 acres in Wynwood for $18.5M
Development firms continue to close on South Florida real estate despite the economic downturn and ongoing pandemic.
Related Group closed on a 2.27-acre assemblage in Wynwood for $18.5 million, according to a press release by Cushman & Wakefield. The sites are across the street from one another and border North Miami Avenue and Northwest 22nd Street. The purchase includes eight parcels of land with five buildings totaling 51,205 square feet.
Related plans to redevelop the former ERBA Diagnostics site with a residential concept that is still being finalized. Last year, Related opened rental 289-unit Wynwood 25 on 25th Street near Northwest Second Avenue. It is also co-developing with W5 group a 200-unit co-living project on Northwest 28th Street.
“Our commitment to this neighborhood and its thoughtful maturation into an artistic urban hub remains steadfast,” said Jon Paul Pérez, executive vice president for Related Group, via email. “We are finalizing plans for the former ERBA Diagnostics site, where we aim to bolster the area’s live, work, play identity in line with our past two projects, both of which saw major success.”
Developers and locals have been battling over the future of the evolving neighborhood. Wynwood Walls, the outdoor mural museum established by Goldman Properties, celebrated its 10th anniversary in 2019 — a cornerstone of the late developer Tony Goldman’s vision for the former warehouse district turned urban art center. Since then, the neighborhood welcomed its first food hall, offices, residences — and hotels are in the works. But late-night entertainment popular among those from outside the neighborhood has drawn ire as the neighborhood becomes increasingly residential.
Related, Miami’s largest developer, is chaired by arts patron and museum namesake Jorge M. Pérez.
Cushman & Wakefield Vice Chairman Robert Given, executive managing director Troy Ballard, director Miguel Alcivar, senior director Greg Masin, director Frank Begrowicz and senior director Jason Hochman helped close the deal on behalf of the seller ERBA Diagnostics, formerly known as Diamedix. FIP Realty Executive Vice President David Colonna represented Related.
“While Wynwood is known for its dozens of art galleries and an ever-growing number of restaurants, bars, and retailers, the submarket is only just now starting to see larger scale mixed-use development,” Given said in a press release. “This assemblage presents the buyer with an exceptional opportunity to tap into Wynwood’s growth potential and be part of its maturation into a liveable neighborhood.”
Buildings in that area can reach up to eight stories according to Miami 21 zoning.
This story was originally published May 12, 2020 at 2:30 PM.
