A familiar name in Wynwood is building high in the hipster haven. Here’s what’s planned
Miami’s hipster haven is slated for more office space, adding to the continued evolution of the up-and-coming neighborhood. Behind the project: The neighborhood’s pioneering developer.
An eight-story office building with enough room for up to 18 firms will sit at 375 NW 24th St., said Scott Srebnick, CEO of Wynwood-based Goldman Properties. It will replace a surface parking lot and two warehouses on a 28,000-square-foot, L-shaped site.
The construction budget has yet to be finalized. The building would open in 2024.
Steps from the Wynwood Walls, the development will be adjacent to Doya and across from the future home of Ananda Market, an artisan-style chocolate shop and cocktail bar. The 140,000-square-foot project, named CORE Wynwood, will also have enough room for a grab-and-go cafe along with a retailer on the ground floor and a rooftop restaurant.
After starting out as a factory hub for companies Coca-Cola and Garrett Construction in the 1950s, Wynwood transformed decades later into a tourist center, largely thanks to Tony Goldman, founder of his namesake family firm. In 2003, Goldman invested in Wynwood for the first time, buying the site of what will now become the future home of CORE Wynwood. He acquired several warehouses and properties up until his death in 2012, setting out to establish Wynwood as the center for creativity in Miami.
Days before his passing, his daughter Jessica Goldman Srebnick, now the head of Goldman Global Arts, took the helm of the company.
Goldman’s newest project will blend into the neighborhood where renovated warehouses and new construction all have artwork on their exteriors. Designed by Perkins&Will, CORE’s glass exterior will mix with a mural by San Francisco-based artist Mona Caron. The mural depicts weeds and flowers — artwork that Srebnick said “represents the growth of this community.”
Goldman is ready to develop CORE Wynwood given the influx of firms from across the country looking to relocate to Miami, said Srebnick. He sees an “acceleration of the tech scene in Wynwood.” Several tech and investment firms have offices in Wynwood, including Spotify and OpenStore.
“It’s fulfilling (Tony Goldman’s) vision of creating a pedestrian-friendly community where there’s creative things to do. We try to curate tenants who provide a differentiated experience, a differentiated product,” said Srebnick. “It’s a furtherance of his vision.”
Goldman Properties submitted its zoning application to the City of Miami a few weeks ago, Srebnick told the Miami Herald. It is finalizing the design of the project and anticipates entering the permitting phase in the spring with the goal of starting construction in late 2022.
Once completed, Srebnick said, Goldman plans to relocate into its building and manage CORE Wynwood.
Wynwood-Design District now boasts a total of one million square feet of office space, according to the Blanca Commercial Real Estate 2021 fourth quarter Miami office report. The average asking rent is about $67 per square foot for new Class A space, up from $62 per square foot in the fourth quarter 2020. Another 128,000 square feet is in the pipeline, including a $50 million complex in Wynwood Norte.
“Wynwood is in the second inning of its growth right now,” said Randy Carballo, executive vice president of Blanca Commercial Real Estate. “The first inning was Tony Goldman realizing that there was something special there and creating a neighborhood focused on art.”
In early 2020, office experts said Wynwood had so much office space that it would take five years to fill. All of that changed with the pandemic, said Carballo.
“You bring COVID into the mix, Miami has seen five times the historical demand of out-of-market tenants that are looking at South Florida for multiple reasons,” said Carballo. “That’s been the change. Most of these groups are flocking to office buildings.”
Wynwood Business Improvement District Executive Director Manny Gonzalez said the neighborhood needs more office space. Prospective office tenants are visiting again: Just a week ago, Gonzalez said, he gave three tours to tech firms. Compared to a year ago, he said, his phone would be silent.
“The goal is to be the epicenter of tech in the City of Miami,” Gonzalez said.
More office space and tenants would strengthen Wynwood’s local economy, which was heavily dependent on leisure tourism, Gonzalez said. He said, “You don’t put all your eggs in one basket. You want a healthy mix of domestic, international, business travelers.”
An earlier version of this story misstated the address for CORE Wynwood and adjacent buildings.
This story was originally published February 12, 2022 at 7:00 AM.
