Is Wynwood edging south? Seller lists $21.5M property bordering A&E District
A 1.4-acre corner lot at Northwest 20th Street is up for sale for $21.5 million — further proof that trendy Wynwood’s gloss is edging south toward the Art & Entertainment District.
The owner, Southern Waste Systems, paid $3.35 million for the four adjacent lots in 2003. The recent surge in companies relocating to Miami and growth in Wynwood’s southern flank convinced owners this was the time to sell the land at 2000 N. Miami Ave., said Andres Nava, the listing agent and managing director of brokerage firm Metro 1 Commercial.
Local and national development firms from Chicago and New York are eyeing the listing, said Nava.
“We have been telling the story of the southeast quadrant for a long time. This is currently the largest site currently available in the neighborhood,” Nava said. “Hedge funds are going to Brickell, but, when it comes to tech and creative companies, we expect them to come to Wynwood. Wynwood has taken the spotlight for those creative companies.”
The site sits just west across the street from Kush’s Wynwood location. A boutique Arlo-branded hotel and Related Group’s 300-unit rental project, the Dorsey, are underway nearby, about a 10-minute walk from the local offices of Uber and Spotify.
To entice prospective buyers, Metro 1 Commercial hired Coconut Grove-based Arquitectonica to design two 12-story mock projects. The first, a multifamily project, would house 207 units with 360 parking spaces. The second would include a 414-room hotel with an adjacent office tower.The land is zoned for commercial or residential use.
The asking price — $358 per square foot — represents a significant bump over the $18.5 million — or $187 per square foot — Related paid for 2.27-acres two blocks away in May of last year.
Said Nava, “It’s a fair but compelling number.”
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This story was originally published February 12, 2021 at 7:00 AM.
