Metro 1 Seeks JV Partner for $100M Project at Wynwood Gateway Site
Tony Cho, CEO of Metro 1, says his firm is seeking a hospitality partner to co-develop the one-acre site located at the intersection of Northwest 2nd Avenue and 29th Street. The conceptual plan calls for the development of hospitality, office, retail and possibly residential space.
MIAMI—Development firm Metro 1 is seeking a hospitality joint venture partner for its proposed mixed-use project at the Wynwood Gateway site here.
Tony Cho, CEO of Metro 1, says his firm is seeking a hospitality partner to co-develop the one-acre site located at the intersection of Northwest 2nd Avenue and 29th Street. The conceptual plan calls for the development of hospitality, office, retail and possibly residential space.
The property is currently comprised of a 10,240-square-foot retail building, which was renovated in 2012 and is leased to several tenants including Ducati and the new Selinas/Brother & Brawlers concept store among others. The property also features a 2,200-square foot, five-unit residential building.
“It’s been an honor to be part of Wynwood’s genesis and see it become one of the hottest real estate markets in the country, with this being one of its most prominent trophy assets,” says Metro 1’s Cho. “We understand this property’s immense potential and are looking for a partner who shares our vision.”
Cho is currently a principal in more than four acres in Wynwood and is currently developing several high-profile properties, including a micro condominium in Wynwood and a dual-branded hotel in Brickell. He is also a co-founder in the billion-dollar-Magic City Innovation District.
A feasibility study performed by architecture firm Arquitectonica showed the project is capable of supporting 388,000 square feet of new development, including 146 hotel rooms, 70 multi-family units, 50,000 square feet of office and 20,000 square feet of retail. The contemplated project is estimated to cost in excess of $100 million, including land, according to Metro 1.
Fabian Graff, director of M1 Hospitality, is co-representing the joint venture hospitality search and states, “The demand for this project has exceeded expectations, we are already in negotiations with a number of well-qualified operators and co-development partners. We have also received interest from straight-out buyers and will consider all options.”