Hilco Real Estate LLC and USA Pro Realty has announced the date of Nov. 15 as the initial qualifying bid deadline for their Wynwood neighborhood office and retail property redevelopment.
The bidding ends at 5:00 p.m. EST. Interested parties can review detailed information in the developers’ virtual deal room.
Located at the intersection of 29th St. and NW 3rd Ave/, the redevelopment consists of two-income producing buildings with up to 196,800 gross building sq. ft. in twelve stories. The structures are built on three city lots measuring 21,000 sq. ft. and zoned as T6-8 with potential city incentives including Workforce Housing eligibility.
The existing buildings generate an average of $263,273 in annual gross income, approximately $24 per sq. ft. This rate is well below current market pricing so the new owner can conveniently take advantage by raising rates or using the income to cover expenses while development plans are still in the process of approval, the developers say.
“The combination of the existing rental revenue, under market rents, high-density zoning, available city incentives… and ideal location, make this a one-of-a-kind opportunity,” says Matthew Jacocks, principal for USA Pro Realty.
Maximo Rodriguez, director-Southeast for Hilco Real Estate also points out that the property is located in “one of the most coveted neighborhoods in the United States.” Formerly an industrial district, Wynwood has transformed into an “eclectic” area with an increasing millennial population and retail growth. Its strategic location also puts it minutes away from downtown Miami, Miami Beach and South Beach.