Value-Add Opportunity in Miami’s Wynwood Arts District

Monday, September 24, 2018
Rendering

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale the fee interest in 2701 NW 2nd Avenue, a permitted development or repositioning opportunity at the epicenter of Miami’s Wynwood district, the hottest arts district in the United States. The site offers about 11,797 square feet at the hard-corner intersection of 27th Street and NW 2nd Avenue, Wynwood’s most desirable and busiest exposure commanding a significant rent premium over the market. 

The development site for sale is currently improved with a single-level structure, and the owner has invested significant resources and time to vacate the premises and secure the required construction permits, enabling an investor the opportunity to immediately complete the transformation of this property and capture the insatiable demand from tenants to locate within one of the U.S.’ coolest neighborhoods. Over the longer term, the site’s favorable zoning allows for development up to eight stories in height with bonuses. The site for sale is unencumbered by existing financing or in place leases.

Investment Highlights

  • Adaptive Reuse Potential:  This is a rare opportunity for value-add returns with limited development risk in a rapidly urbanizing market with explosive commercial and residential demand.
  • Fully Permitted Development Plan with Long-Term Development Potential:  The site for sale already is fully permitted and has an approved repositioning plan that creates highly functional, small bay commercial spaces that are in highest demand. The long-term redevelopment allows an owner up to eight stories to maximize development rights.
  • Prominent, High-Traffic Location:  The site is located at a strategic and prominent hard-corner location one block from Wynwood Walls and surrounded by numerous large scale residential and commercial projects. Additionally, any development would have 112.5 feet of frontage along Wynwood’s busiest pedestrian corridor, which achieves the market’s highest rents.

2701 NW 2nd Avenue represents a fully permitted repositioning opportunity with long-term development potential. For more information on this commercial real estate listing or other South Florida properties for sale, please contact Manuel de Zarraga, Luis Castillo or Ted Taylor in HFF’s Miami office. Click here for our real estate investment sales search page.

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