1900 NE Miami Ct Motivated Seller MIAMI BEACH Gateway to Wynwood / Edgewater $10 Million
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Reduced Price 1900 NE MIAMI CT Motivated Seller MIAMI BEACH GATEWAY TO WYNWOOD / EDGEWATER $10 Million BRICKELL DOWNTOWN MIAMI EDGEWATEREDGEWWYNWOOATERD N Miami Ave nd Ave NW 20 th St NW 2 WYNWOOD FOR SALE .98 ACRE MIXED-USE/CREATIVE OFFICE-RETAIL JOHN F. BELL WILLIAM HART REDEVELOPMENT SITE/3 STORY COMMERCIAL BUILDING Managing Director Financial Analyst│Capital Markets [email protected] [email protected] 305.808.7820 305.808.7314 N MIAMI AVENUE & NE 20TH STREET | MIAMI, FLORIDA LICENSED REAL ESTATE BROKER TABLE OF CONTENTS EXECUTIVE SUMMARY ......................... 3 PROPERTY DESCRIPTION ................... 19 WYNWOOD Overview ...................... 37 MARKET OVERVIEW ........................... 58 Economic Incentives ................... 59 Miami Market ............................. 60 Demographics ............................ 62 Retail Market / Office Market ...... 63 Apartment Market ....................... 71 Condo Market ............................ 74 1900 NE MIAMI CT ZONING ANALYSIS .......................... 80 FOR MORE Information, Contact: Primary Contact: ADDITIONAL contact: JOHN F. BELL WILLIAM Hart Managing Director Financial Analyst Capital Markets [email protected] [email protected] 305.808.7820 305.808.7314 The material contained in this Offering Memorandum is confidential, furnished solely for the purpose of considering the acquisition of the property described herein (the “Property”) and is not to be used for any other purpose or made available to any other person without the express written consent of the owner (the “Owner”) or Transwestern. This Offering Memorandum contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information which prospective purchasers may desire. The material in this Offering Memorandum has been compiled by Transwestern from sources considered reliable and has not been independently verified by Transwestern. Summaries contained herein of any legal documents are not intended to be comprehensive statements of the terms of such documents but rather only outlines of some of the principal provisions contained therein. Qualified prospective purchasers should conduct appropriate due diligence and review all legal documents, which are available from Transwestern, and make their own conclusions. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. Neither the Owner nor Transwestern, nor any of their respective officers, agents or employees, have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this Offering Memorandum, or any additional verbal or written information provided. This Offering Memorandum is subject to prior placement, errors, omissions, changes, or withdrawal without notice and does not constitute a recommendation, endorsement, or advice as to the value of the Property. Each prospective purchaser is to rely solely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein. No liability is assumed by and none shall be asserted against the Owner or Transwestern on account of any statements, descriptions or information, or projections or estimates, contained herein or omitted here from. The Owner reserves the right, at its sole discretion, to reject any or all offers to acquire the Property and/or to terminate discussions with any prospective purchaser, at any time, with or without notice or cause. The Owner expressly reserves the right to sell the Property on any basis or using any criteria. In addition, the Owner expressly reserves the right, at its sole discretion, to withdraw, supplement, change, amend, bifurcate, or reduce the Offering Memorandum and/or the Property. NO warranty OR representation, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE information contained HEREIN, AND SAME IS SUBMITTED subJECT TO OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITION, WITHOUT NOTICE, AND TO ANY LISTING CONDITIONS, IMPOSED BY THE OWNER. Demonstrated Demand for Mixed-Use Residential & Commercial in Wynwood EXECUTIVE SUMMARY CREATIVE OFFICE-RETAIL OR REDEVELOPMENT - MIXED USE OPPORTUNITY REDEVELOPMENT OPPORTUNITY: Mixed-Use, Residential / Retail / Office / Hospitality Prime Location in Miami’s Dynamic Emerging Market - Wynwood THE OPPOrtUNITY 1900 NORTHEAST MIAMI COURT Transwestern has been retained on an exclusive basis to arrange the sale MIAMI, FLORIDA of the 1900 NE Miami CT site (“Property”). Price Reduced: Motivated Seller $10,000,000 50,317 SF • REPOSITION OPPOrtUNITY: The Property is currently improved Building Size To be vacated by school with a vacant 50,317 SF former office/industrial facility that was partially renovated in 2011 to accommodate a charter school and can Year Built / Renovated 1923/2011 be renovated and occupied with creative office or retail commercial Site Size 42,765 SF / .98 Acres uses. The school will be moving to a new building across the street. Zoning T-6-8 O • REDEVELOPMENT OPPOrtUNITIES ARE IMMEDIATE. The unique Zoning Allows Retail /Office /Residential /Lodging /Commercial high profile location at the gateway to the Wynwood neighborhood Development Height 8 Stories / 12 with bonus is ideal for a variety of uses, including mixed-use residential, retail, office and apartments. MIAMI BEACH 95 ARSCHT PERFORMING ARTS 395 CENTER 1900 NE MIAMI CT CEMETERY BISCAYNE PARK N Miami Ave CITY OWNED WYNWOOD 1900 NE MIAMI CT 23 Opportunity Overview: Redevelop or Adaptive Reuse EXECUTIVE SUmmary KEY INVESTMENT HIGHLIGHTS • “Gateway to Wynwood” Entrance to the emerging market of Wynwood from the south, and also serves as the western entrance to Edgewater. • High ProfileD ouble Corner. • P oised to be “Iconic location”: A truly unique site that has long term enhanced value as the market further matures. • M ixed-Use Redevelopment Opportunity: Apartments/ Retail / Office / Galleries. Expanding Demand for these uses. • U ser/ Adaptive reuse opportunity for existing 3 story building. • Easy access at stoplight intersection. • Income Opportunities: Lease existing building to creative businesses and event operators while planning redevelopment, reap income, cover carry costs. • E xcellent Signage Exposure / Art Basel Opportunity: Strong market presence / exposure on N. Miami Avenue. Attracts prospective tenants for redevelopment. Advertising and Event income possibilities during BISCAYNE PARK numerous art festivals can be derived while contemplating development CITY OWNED plans and/or incorporated into new uses for the site. • P erfect adjacent properties: Buffered by the amenity of a City park and fire station that insulates the 1900 NE Miami CT site from blocked views by future adjacent development. • E xceptional surrounding amenity base: Galleries, restaurants, culture, 1900 NE MIAMI CT and nightlife make Wynwood Miami’s hottest neighborhood. NE Miami Ct • Current School Owner will move to building across the street. NE 20 • E conomic Incentives - Government Sponsored. th St ZONING DENSITY HIGHLIGHTS N Miami Ave • H igh density zoning: T6-8. • Zoning allows up to 12 stories, with bonuses. • Maximum Gross Building Area of 267,281 SF. • Maximum Residential Density 490 units. 1900 NE MIAMI CT 4 Potential Uses Abound –Development or Adapting Existing Building EXECUTIVE SUmmary A charter school presently occupies and operates a school in the 3 story building, and will move to the new school they are building across the SAMPLE USES ALLOWED street. Residential Condos CENTRAL LOCATION Apartments • Redevelop entire 42,765 SF site with Mixed-Use Residential and Retail/Office Retail / Office / Technology Project. Student Housing • Adjacent Public Park a built in amenity. Parking Structures • Retail & Commercial in hot demand on this corridor. Universities & Schools • Technology Firms are flocking to, and co-locating in, Wynwood. Up to 490 Residential Units Allowed 267,281 SF Allowed • Existing 3 Story building could be renovated or repurposed. Temporary rentals for events during festivals and Signage Opportunity, Exposure, Easy Access and development constraints corporate events/Ads. Wall Banner Revenue on adjacent public land make the 1900 NE Miami CT site the prime development opportunity in Wynwood. 1900 NE MIAMI CT 5 The 1900 NE Miami CT Site is at the Center of All Miami Offers EXECUTIVE SUmmary STRATEGIC LOCATion– CenTER OF MIAMI • Wynwood: The 1900 NE Miami CT site is the Gateway to Miami’s most Dynamic neighborhood blending commerce, the arts, fashion, dining, and nightlife. • E dgewater: The hottest residential market in Miami, the 1900 NE Miami CT site is at the western entry to the neighborhood. • D owntown / Brickell: Business Hub of Miami CBD – 5 minutes to south. • Arts & Entertainment District: Performing Arts Center & Museums – District is adjacent to the 1900 NE Miami CT site location. • Midtown / Design District: High end shopping & cutting edge restaurants, minutes north of the Property directly via N Miami Avenue. • Miami Beach: The Beaches are conveniently 7 minutes via I-395 or I-195. DOWNTOWN MIAMI BRICKELL 1900 NE MIAMI CT ARTS & ENTERTAINMENT EDGEWATER WYNWOOD MIDTOWN † I-95 to MIAMI BEACH DESIGN DISTRICT 1900 NE MIAMI CT 6 Miami’s Gateway To Wynwood & Edgewater EXECUTIVE SUmmary CENTRAL LOCATION • The Property has exceptional market presence with its direct exposure on North Miami Avenue, the main thoroughfare connecting the Downtown/Brickell