Wynwood Norte Development Opportunity
Total Page:16
File Type:pdf, Size:1020Kb
Investment Opportunity Offering Memorandum Wynwood Norte Development Opportunity 401-413 NW 34th St, Miami NW 34th Street Virgilio Fernandez Associate +1 305 613 4507 [email protected] NW 5th Avenue NW 35th Street Investment Opportunity | Offering Memorandum Wynwood Norte Development Site Confidentiality & Disclaimer Offering Procedure Statement Offers should be submitted in the form of a standard non-binding Letter of Intent, which can be found on the Colliers International Document Center, and must specify the following: Intended solely for your own limited use to determine whether you wish to express any further interest in the Property. This confidential memorandum • Price (Call for pricing guidance) contains brief, selected information pertaining to the business and affairs of • Length of Inspection Period the Property and has been prepared by Colliers International Florida, LLC, • Length of Closing Period primarily from information supplied by the Owner. Although this confidential • Amount of earnest money deposit at execution of a Purchase and Sale memorandum has been reviewed by representatives of the Owner, it does Contract NW 34th Street not propose to be all-inclusive, nor does it contain all the information which a • Amount of additional deposit upon expiration of Inspection Period prospective purchaser may require or desire. Neither the Owner, nor any of its officers, directors, employees or agents, nor Colliers International Florida, LLC, makes any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential memorandum or any of its Virgilio Fernandez Mitash Kirpalani, CCIM contents, and no legal liability is assumed or is to be implied by any of the Associate Director aforementioned with respect thereto. Prospective offers are advised to verify +1 305 613 4507 +1 786 271 5598 the information independently. The Owner reserves the right to change the [email protected] [email protected] price or any information in this Memorandum, or to withdraw the Property from the market at any time, without notice. This confidential memorandum Julian Zuniga Gerard Yetming shall not be deemed an indication of the state of affairs of the Property or Associate Executive Managing Director the Owner, nor shall it constitute an indication that there has been no +1 786 547 0153 +1 786 517 4995 change in the business or affairs of the Property or the Owner since the date [email protected] [email protected] NW 5th Avenue of preparation of this memorandum. By your receipt of this confidential memorandum, you agree that the information contained herein is of a confidential nature and you will not disclose this memorandum or any part Colliers International Florida, LLC NW 35th Street of the contents to any other person, firm or entity without prior authorization 2121 Ponce de Leon Blvd, Suite 1250 from Colliers International Florida, LLC. Coral Gables, FL 33134 colliers.com Table of Contents Executive 05 Summary Property 07 Information NW 3rd Avenue Market 16 Overview NW 34th Street Executive Summary NW 34th Street NW 5th Avenue NW 35th Street Offering Memorandum Wynwood Norte Development Site Executive Summary Wynwood Norte is a unique multi-generational 207-acre neighborhood, which is centrally located within the downtown Miami The property’s strategic boundary in proximity to transit, schools and job centers. It is in the area north of 29th St nestled between Wynwood, Midtown, positioning offers the Allapattah, and I95/Buena Vista. Wynwood Norte is 10% of the total urban core area in Miami. The subject site is on the verge following advantage: of realizing a significant up zoning of density as well as other benefits for redevelopment. Currently, it features a duplex, which provides income while reducing risks during planning for development. Please do not disturb existing tenants. • Increased job accessibility Lot size: 14,300 SF (.32 Acres) • 82% of households are renters Zoning: Pending an up-zoning to High-density multifamily residential on Feb. 28, 2021 • More than 4 major schools nearby Proposed buildable units: 65-150 units per acre • Close proximity to Interstate 95 Asking Price: $1,000,000 and Interstate 195. • Quick access the shops, retail and restaurants in Wynwood and Midtown. • Close proximity to Downtown Miami, Miami Beach and Port Miami. • Scarcity of inventory in Miami- Dade marketplace • Central location in Miami-Dade County Wynwood Norte Development Site | Investment Summary | 5 Property Information NW 34th Street NW 5th Avenue NW 35th Street Offering Memorandum Wynwood Norte Development Site Property Location The subject property is centrally located in Miami-Dade County on South Florida’s East Coast, positioned directly on NW 34th Street, which is two blocks from NW Second Avenue, a major north-west arterial road in the area. The site is just east of Interstate 95, which connects to all major roadways in South Florida allowing easy access to area amenities. Positioned approximately four miles from Downtown Miami, six miles from Miami International Airport and 4 miles to Port Miami, the property offers unmatched accessbility to surrounding submarkets. Miami International Subject Site Airport The property’s proximity to local demand generators and major roadways is shown below: Downtown Property Location Miami Distance Drive Time Midtown 0.5 miles 4 minutes Allapattah 1.0 miles 4 minutes Buena Vista 1.2 miles 5 minutes Miami International Airport 6.4 miles 12 minutes Downtown Miami CBD 4.7 miles 11 minutes Wynwood 0.5 miles 3 minutes I-195 0.6 miles 5 minutes Port Miami 4.2 miles 16 minutes Miami Beach 6.5 miles 23 minutes North Wynwood Norte Development Site | Property Information | 7 6.2.c NE I L About Wynwood Norte PZ-20-8431 ROAD Various L 09/11/20 AI Buena Vista R C FE The Subject Property is positioned in the Miami neighborhood of Wynwood Norte with a clear redevelopment opportunity into multifamily to provide housing. The Design District City of Miami Commissioners recently approved the Wynwood Norte revitalization 195 plan which aims to protect the neighborhood’s character, improve housing Subject Site options, and creating economic opportunities for small businesses through mid- Midtown rise and boutique-sized redevelopments. The main focus of the new zoning is WYNWOOD to allow additional housing that will be in the character and scale of the existing NORTE 95 neighborhood. More flexible parking requirements will make it easier to build two- N Miami Ave Miami N and three-story apartment buildings and small retail spaces; under new zoning, a fourth story could be approved for projects with 20% affordable housing. For pure residential, the new zoning would allow up to five stories, or eight stories for 29th St NW mixed-use development. Wynwood Overview Allapattah Wynwood Edgewater The renaissance of the Wynwood Art District has seen the neighborhood evolve from a desolated industrial zone to a flourishing center for art, fashion, and creative enterprise. Located due north of Downtown Miami and just east of Interstate 95 with direct accessibility to the CBD, the area is alluring to millennials and has developed into a hub for a young, urban creative workforce and population. A new wave of large-scale mixed-use developments has been underway to support Overtown the growing office and housing needs of its youthful, innovative, and creative population. Wynwood currently has 1.5 million square feet of existing office O MN I space, 414,800 square feet of office space under construction, and an additional 1.5 million square feet of office space proposed. Significant multifamily and retail developments have been in the works as well, with 3,327 existing multifamily units, 446 multifamily units under construction, and more than 5,000 proposed multifamilyY units. To accompany the growing office and multifamily inventory, A B 340,000 squareE feet of retail space has been proposed to join the existing 3.6 N Y A Attachment: 7851 - Application and Supporting Documentation (7851 : Land Use Neighborhood Revitalization District (NRD-2) million square C feet of retail space. The area has something to suit everyone, with S S Wynwood Norte boundary I retail attractionsB like Wynwood Walls, Wynwood Arcade, the luxurious Design Urban Core boundary © 2019 PLUSURBIA LLC Downtown wynwoodDistrict, norte | 9 the Shops at Midtown Miami, North Mami Avenue, and Northwest Second Points of Interest Packet Pg. 295 Avenue, offering a range of restaurants, galleries, bars and boutiques. Wynwood Norte Development Site | Property Information | 8 34.1% 6.2.c 29.1% 24.5% 6.2.c 6.4% 5.9% PZ-20-8431 Various Proposed Zoning 0% 09/11/20 PZ-20-8431 Various CI CS T3 T4 T5 T6-8 09/11/20 PROPOSED *Out of the total neighborhood area of 207 acres. T6-8-O T5-L SubjectT5-L Site CS T6-8-L T5-L T4-R T5-O 3 T5-L O+ T4-R T5- CI T5-L T5-L T5-L CI CS T5-O+3 T5-O+3 T5-O +3 CI CS T6-8-O T6-8-O Attachment: 7851 - Application and Supporting Documentation (7851 : Land Use Neighborhood Revitalization District (NRD-2) T6-8 Urban Core T5 Urban Core (150 DUA) T4 General Urban (65 DUA) CI Civic Institutional O: Ground level Commercial O: Ground level Commercial only R: Residential only CS Civic Space / Parks L: Limited commercial L: Limited commercial max 50% Packet Pg. 326 ground The city has calibrated the zoning code of Wynwood Norte in order to encourage private sector reinvestment and improvement to evolve the area into a truly integrated urban neighborhood. This re-urbanization will involve a variety of housing, improvement of The average job Of all the households 25% of the total units in infrastructure and public spaces as well as transformation into a accessibility in Wynwood in the neighborhood, the area are considered walkable neighborhood and transit oriented community.