Robert Given, Robert Kaplan, Troy Ballard, Errol Blumer, James Quinn and Mark Rutherford were Named Exclusive Advisors in the Disposition of a 1.72-Acre Development Site in Miami’s Hottest Emerging Market
MIAMI, January 17, 2018 — Cushman & Wakefield announced today that it has been named exclusive advisor for the sale of Strada Wynwood, a 1.72-acre assemblage of land at the intersection of NW 2nd Avenue and NW 25th Street in the heart of Miami’s emerging Wynwood neighborhood.
The South Florida Multifamily team of Robert Given, Robert Kaplan, Troy Ballard, Errol Blumer, James Quinn and Mark Rutherford were selected to market the assemblage on behalf of the William & Doris Friedopfer Trusts. The land will go to market unpriced.
The assemblage comprises 1.6 acres of contiguous land on seven lots in the southeast quadrant of NW 25th Street and NW 2nd Avenue — 2421 NW 2nd Avenue, 2431 NW 2nd Avenue, 2455 NW 2nd Avenue, 146 NW 25th Street, 172 NW 25th Street, 159 NW 25th Street and 169 NW 25th Street; and an additional 0.12-acre lot at 153 NW 25th Street.
The land, which currently features two light industrial buildings totaling ±31,017 square feet and one ±4,450-square-foot retail building, is home to famed-artist Romero Britto’s studio and art gallery. The site provides the potential for up to 259 residential units and over 540,000 gross developable square feet for retail, residential, creative office and/or hospitality uses.
Strada Wynwood provides unmatched visibility with almost 200 linear feet of frontage along NW 2nd Avenue in the heart of the Wynwood Art District, an eclectic 50-city-block area just north of downtown Miami. Wynwood, which was recently featured in Cushman & Wakefield’s Cool Streets report, has become the epicenter of Miami’s creative scene and home to over 400 businesses and 30 restaurants. The Strada Wynwood assemblage is located at the center of the thriving art district, directly across the street from local staples such as Panther Coffee, Coyo Taco, Alter, Wynwood Walls, Wood Tavern and numerous other world-class amenities.
“With its key location directly along NW 2nd at the clear geographic center of Wynwood, this is the most important undeveloped site in the area,” said Given.
Four projects of significant scale have recently broken ground or are underway in the immediate vicinity of Strada Wynwowod. These include CUBE Wynwood, featuring 80,000 square feet of office space and 11,400 square of retail space; Wynwood 25, slated for 289 apartments and 31,000 square feet of retail; The Wynwood Garage, housing 428 parking spaces, 30,000 square feet of office space and 20,500 square feet of retail; and Wynwood Walk, with 52,500 square feet of retail space.
“While each of these projects contains mixed-use components, they each possess a different product-type as their main use. The fact that all product typologies are thriving in Wynwood speaks to the diverse character and strong market demand for this unique neighborhood,” explained Given.
Added Kaplan, “It’s happening, Wynwood has begun its next phase in the evolutionary process. The current development activity validates the vertical future of Wynwood, and the Strada Wynwood site is located in the best strategic location to capitalize on Wynwood’s exciting future.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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