Artists are calling Wynwood their new home

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.

The biggest local developer, the Related Group has recently purchased a development site  marking the Miami-based firm’s first purchase in the arts and entertainment neighborhood. Partering up with another major developer, Block Capital Group

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

 

Carlos-Rosso-Wynwood-assemblage-and-Jorge-Perez1.jpg

 

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.

– See more at: http://therealdeal.com/miami/blog/2015/12/07/related-group-expands-into-miamis-wynwood/#sthash.RD4PE1sZ.dpuf

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About Monica Posada,MSIRE

This profession has rewarded me with business and priceless relationships. The experience of over 11 years in Miami along with the awareness of what is happening in the market, guarantee that I will seek out the best real estate opportunities for my clients. You can expect accurate comparables and neighborhood statistics and will always make sure that our clients get the best property for their dollar regardless of how long it takes. Now as the sales manager for Real Living in Miami Beach, I train, coach and lead a professional real estate team, count on our company's amazing integrated suite of resources, which led it to receive an award by Entrepreneur magazine, "the Inman Innovator Award" and was named “The Most Promising New National Brand”. Our market research is specialized by property type and integrates cutting edge technology, local market trends, as well as regional and national developments to support property evaluation, pricing and positioning. Honesty and Integrity are the cornerstone of my career. I'm fluent in Spanish and English. Master Degree in International Real Estate (MSIRE) from FIU.(2015). Luxury Home Marketing Specialist (LHMS), TransNational Referral Specialist (TRS), Multi-million dollar producer, Member of the National Association of Realtors, Member of Greater Miami and the Beaches Realtor Association.
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