MIAMI—2800 Northwest Second Avenue, a 100,000-square-foot site in the heart of the emerging Wynwood neighborhood of Miami, has traded hands. Thor Equities snapped up the asset.
Running the entire block from Northwest 29th Street to Northwest 28th Street at Wynwood's northern entrance, the corner site includes five existing buildings spanning about 45,000 square feet. Also included in the sale were development rights in excess of 600,000 square feet.
“The already burgeoning Wynwood Art District is primed for a mixed-use, residential rezoning that will spur further development, and accelerate its ongoing transformation from an underutilized industrial area into a true live-work-play community,” says Joseph Sitt, CEO of Thor. The property also features 300 feet of frontage on NW 2nd Avenue, and a 16,500-square-foot parking lot.
“The new regulations promote the use of ground floors for commercial retail activities,” David Polinsky, a Wynwood Business Improvement District (BID) board member and planning committee chair, tells GlobeSt.com. “The plan also allows for manufacturing-enabled retailers throughout the district similar to existing mainstays like Panther Coffee and Zak the Baker.”
Thor's newly acquired property is next to 2801 Northwest Third Avenue, a 105,000-square-foot site the firm purchased in May. Thor also owns 2722 Northwest Second Avenue in Wynwood, as well as additional properties in the Design District and South Beach in Miami. Wynwood warehouses are selling left and right.
Wynwood is widely recognized as Miami's art and cultural epicenter, welcoming hundreds of thousands of international visitors each year. Surrounded by Downtown Miami, the Design District and nearby Miami Beach, the Wynwood Art District is home to over 100 galleries, one of the largest open-air street art installations in the world including Wynwood Walls, creative offices, showrooms, and an eclectic mix of bars and restaurants.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.