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March 3, 2016 / Johanna Bassols / 0 Comments / Investment Opportunities

Price Reduced for Wynwood Property with Potential

The price tag on a cluster of available properties in Wynwood has just been reduced, and it has some serious potential for redevelopment. The grouping includes two parcels, a 1940s warehouse with 26,764 square feet of space, and a vacant lot measuring 13,000 square feet. When originally listed last October, the asking price was $28 million, but with the reduction, it is now available for $22.5 million.

Located just down the block from Moishe Mana’s highly anticipated entertainment complex, Mana Wynwood, the 48,476-square-foot property is in a prime location. According to a recent article from The Real Deal, the side-by-side parcels can be found at 201 Northwest 21st Street and 210 Northwest 22nd Street. With current zoning regulations in place, that means a buyer could develop a project that would come in just under 140,000 square feet. That could translate into a five-story, 62-unit residential tower. In one of the hottest areas in Miami. In recent months, real estate big guns, such as Thor Equities, have been scooping up properties in Miami’s Arts District and at premium prices to boot. It’s an exciting time for redevelopment in the area, and this available Wynwood property is poised to be right in the middle of the action.

For more information about available properties in Wynwood and other Miami neighborhoods, contact Oceanica Real Estate at (786) 270-1743 or [email protected].

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