With one-bedroom apartments renting for $4,000 a month, San Francisco is no longer a city that artists and arts groups can afford to call home. No wonder why Wynwood in Miami has become an important new base for them. The Arts Design District keeps growing at full speed and within this, the transformation of the apartment buildings in the area.
Here are the properties involved in the partnership, which total 52,500 square feet or 1.2 acres:
- 74, 66, 58, 50, 44 Northwest 27th Street: Vacant lots that last sold in May for $4.6 million
- 73 Northwest 26th Street: an apartment building that last sold for $1.52 million in September
- 65 Northwest 26th Street: a single-family house that last sold for $1.1 million in November
- 51 Northwest 26th Street: an apartment building that last sold for $41,000 in 1976
- 39 Northwest 26th Street: an apartment building on a double-lot that last sold for $26,000 in 1974
The land sold for $200 per square foot.
In October, a slate of changes to zoning and land use designations allowing for denser residential developments on roughly 205 acres in Wynwood went into effect.
Related has been active in areas such as Brickell, Edgewater, downtown Miami, Miami Beach and Hollywood. Related CEO Jorge Perez, an avid art collector, has been collaborating with Wynwood developer Moishe Mana recently, including hosting a Perez art exhibit at Mana Wynwood last week.
An earlier version of this story incorrectly identified Related Group as the sole owner of the Wynwood assemblage with a $5.25 million sale price. Related paid $5.25 million for its share of the property. The total sale price was $10.5 million.