Metro 1 Lists Rare Development Site In Wynwood's Emerging South East Quadrant For $16.4 Million

Metro 1 Commercial has listed a rare development site in Wynwood's South East Quadrant Portfolio for $16.4 million. Metro 1’s president/CEO Tony Cho and Vice President, Andres Nava have been retained to market the corner to corner assemblage that is composed of three separate parcels totaling 29,786 SF of buildings sitting on 39,600 SF of Land. The Maker Portfolio is located in the South East Quadrant of Wynwood’s core, between 21 ST, NW 1 AVE, and NW Miami Ct. The site is zoned T5-O NRD and allows a variety of uses as the current buildings could be adaptively repurposed into office and retail uses. The site also allows for up to an 8 story project and allows as of right 136 residential units or a 273 key hotel. It also allows for a building with a total of up to 285,120 of gross development SF.

“NW 2 Ave has been the core of Wynwood since its inception, making it one of the most successful retail corridors in Miami Dade.” “However, we are starting to see important projects such as hotels and elaborate adaptive re-use project being proposed in emerging areas of Wynwood such as the southern quadrant,” stated Tony Cho, CEO of Metro 1.

The South East Quadrant submarket of Wynwood is seeing a flurry of recent activity including the announcement of the mixed-use project Wynwood Square ( 2201 N Miami AVE), the groundbreaking of The Oasis retail and office project (2335 N Miami AVE), and the acquisition of the 2217 NW Miami CT site by Quadrum Global, which Metro 1 brokered late last year. The OMNI CRA also recently acquired a site at 2035 - 2043 North Miami Avenue which it is planning a mixed-use affordable housing and retail project. The current real estate market in Wynwood has been redefined after the passing of the updated NRD zoning which has expanded the possibilities of what can be developed in the neighborhood but still carefully works to retain its industrial themed character.

Construction Underway On Magic City Innovation District As Leasing Of Commercial Space Kicks Off

Magic City Innovation District (MCID), a 17.7-acre Innovation District in Miami’s Little Haiti and Little River neighborhoods, has commenced renovations on 17 of its 21 commercial buildings. The project's first phase of commercial development features 200,000 SF of leasable space spread through several modernized warehouses. Designs for the commercial spaces, which range from 300 to 14,000 SF, are spearheaded by a variety of local design firms, including McKENZIE and ELM Architects. MCID anticipates being ready to receive office, retail and other commercial tenants as early as September 2018. Metro 1, South Florida’s leading real estate brokerage, management and development firm, will handle leasing efforts for the 17 spaces, geared toward creative-style tenants that align and shape MCID’s atmosphere and further promote foot and auto traffic throughout the neighborhood.

“The majority of our team has been working behind the scenes for over a decade, and now, it’s finally a reality,” said Tony Cho, founder and CEO of Metro 1 and a MCID founding partner. “Soon you will be able to walk through Phases 1 & 2 of Magic City and experience how the vision behind the property interacts and attracts a true innovation ecosystem to Miami, while preserving Little Haiti’s unique character.”

MCID spans 6 city blocks and intends to redevelop the Little Haiti and Little River neighborhoods to create a walkable, campus-like neighborhood where individuals from all demographic backgrounds can enjoy a high-quality live, work, play lifestyle. With an emphasis on technology, sustainability, health and wellness and art and entertainment, MCID will contribute to the economic vitality of the area and enhance the appeal of the community. Phase two of the MCID development is the Forest of Curiosities park created in partnership with Lune Rouge, the Montreal-based enterprise founded by Cirque de Soleil founder, Guy Laliberté. The park promotes innovation, creativity and entrepreneurship and will have a central role in the curation and creative direction of Magic City’s arts and entertainment venues. 

“Magic City’s long-term development schedule and unique large-scale format makes the leasing process totally different from what you’d typically see at a new construction project elsewhere in the city. We’re looking for retail partners who not only share our desire to reinvigorate the surrounding community with new energy, but also complement the area’s existing vibe,” said Andres Nava, Vice President of Commercial Leasing at Metro 1. “Finding the right balance can be challenging, but we’re determined to fulfill our promises and create something that will benefit the entire community, not just the development team.”

MCID is also offering short-term lease opportunities, with spaces ranging from 300 SF to 30,000 SF. One of the few large-scale event venues in the City of Miami, these spaces are now available to host local community events as well as large-scale national/international conferences. 

Warehouse In Little River Sells For $10.4 Million

A warehouse located on the corner of North Miami Avenue and 71st St. in Little River has sold for $10.4 million. The sale, which was brokered by Tony Cho's Metro 1, a leading real estate brokerage, management and development firm, includes a 49,000 SF warehouse on 77,000 SF of land. The property is currently at 84% occupancy, housing a variety of creative and entrepreneurial tenants. Metro 1’s CEO and Founder Tony Cho, Vice President of Metro 1 Commercial Andres Nava and Sales Associate Jack Conrad brokered the deal on behalf of both buyer and seller. The buyer, 7101 N Miami Ave LLC’s Manager John Matthews, was represented by attorneys James Marx and Steven Rosenthal of Marx Rosenthal PLLC.

“We are extremely pleased with our acquisition in Miami and could not be happier with Metro 1. Their vision for the area excites us and we are looking forward to contributing in a positive way,” said John Matthews. 

“Miami’s Upper East Side is quickly gaining traction with investors from around the country,” said Cho. “We were among the first organizations to focus on this area and although the change is just now getting started, it’s really night and day. What’s really motivating is that we’re seeing demand from people interested in preserving and advancing the area’s existing personality. They like what they see and want to help the entire neighborhood reach its full potential.” 

The transaction comes only a few weeks after Metro 1 announced the start of commercial leasing for the nearby Magic City Innovation District (MCID), a highly anticipated 17.7-acre Innovation District in Miami’s Little Haiti and Little River neighborhoods. Spanning six city blocks, MCID intends to redevelop the Little Haiti and Little River neighborhoods to create a walkable, campus-like neighborhood where individuals from all demographic backgrounds can enjoy a quality life.

MiamiCentral Featuring Brightline Tabs Tony Cho’s Metro 1 Commercial As Exclusive Retail Brokerage For Development

Florida East Coast Industries (FECI) has hired leading commercial brokerage firm Metro 1 Commercial, LLC to spearhead retail leasing efforts for the state-of-the-art development, MiamiCentral, Miami's most connected, mixed-use transportation hub. Metro 1 will target approximately 130,000 SF of MiamiCentral’s newly constructed retail space, with a focus on food & beverage, health & wellness and other lifestyle-driven tenants.

Andres Nava, VP of Commercial Leasing and Grace Chance, a leasing associate who recently joined Metro 1 after several years leasing Brickell City Centre, will lead efforts on behalf of Metro 1. Metro 1 Commercial’s emphasis on transit-oriented development (TOD) and proven track record for successfully utilizing retail to differentiate and elevate emerging neighborhoods played a key role in the firm’s selection.

“Metro 1 has been a catalyst in the evolution of South Florida’s most engaging projects and neighborhoods,” said Tad Templeton, vice president of retail leasing for FECI. “We are eager to have Tony and his team on board and look forward to working together in delivering that same dynamic to MiamiCentral.”

Located in the heart of Downtown, MiamiCentral aims to address the steady increase in demand for walkable, retail-driven centers caused by the area’s sharp increase in population. A recent report published by Miami’s Downtown Development Authority shows a nearly 40% increase in Downtown residents since 2010, with an average of 1,500 new residents per year. This growth not only positions MiamiCentral as the focal point for downtown commerce, but also primes the project to have far-reaching effects on the entire district.

“More than a leasing agreement, we see this as an opportunity to play a key part in downtown’s rebirth,” said Tony Cho, Founder and CEO of Metro 1 Commercial. “Finding retail partners who bring something new and exciting to an area while staying true to its historic identity is a unique challenge, but one that inspires our entire team. We’ve had incredible results throughout neighborhoods like Wynwood and Magic City, and look forward to bringing our unique approach to MiamiCentral.”

"MiamiCentral is poised to become one of Miami’s most connected, mixed-use hubs featuring transportation, retail, residences and offices. Its status as one of the city’s most high-profile transit-oriented projects, the built-in rental units and, of course, the thousands of people already using Brightline, makes this a dynamic property with huge potential,” said Nava.

MiamiCentral represents the city’s most central, multimodal transportation center considering its  proximity to I-95 within the Central Business District and several key neighborhoods including Park West, Biscayne Corridor, Arts and Entertainment District, Brickell and the Health District. In addition to its connection to Metromover and Metrorail, MiamiCentral serves as Brightline’s southern terminus featuring inter-city, express passenger rail service between Fort Lauderdale and West Palm Beach. Future mass transit expansion plans and upcoming developments—including Brightline’s Orlando service, integration of Tri-Rail’s Downtown Miami Link within MiamiCentral and the delivery of the Miami Worldcenter Marriott Marquis World Convention Center Hotel. Additionally, MiamiCentral will house Downtown Miami’s only food hall, Central Fare, set to feature unique and authentic vendors and well-crafted experiences focused on bringing food and beverage concepts that build community.

Retail Preleasing Now Underway For C-F Brickell's Millennial Driven Hotel Replacing Brickell's El Eden Motel

Preleasing is now live for the two ground floor retail spaces at a new Arquitectonica-designed mixed-use "millennial driven" project which C-F Brickell is proposing to replace the recently demolished El Eden Motel just blocks from Brickell City Centre. The project is located at 115 Southwest Eighth Street, 726 Southwest First Court and 110 Southwest Seventh Street. The proposal calls for a mix of 263-keys spread between hotel rooms and micro-apartments. The building will rise 24-stories and covering 250,000 SF of total development, costing about $90 million. In March 2018 Miami's Planning, Zoning and Appeals Board deferred the developers request to rezone the site to higher density until June (2018). C-F Brickell is a joint venture between Tony Cho of of Metro 1 Development and Robert Finvarb of Robert Finvarb Companies. The developers purchased the property in 2016 for $18.4 million.

Cirque du Soleil Founder Guy Laliberte Joins The $1 Billion Magic City Innovation District Project Coming To Little Haiti

Tony Cho, Bob Zangrillo and Plaza Equity Partners have announced that Guy Laliberte's Lune Rouge has joined as an arts and entertainment partner on the $1 billion Magic City Innovation District project in Little Haiti. Guy Laliberte, who will join as creative director, is the founder of Cirque du Soleil and his Montreal-based company Lune Rouge develops and invests in real estate projects with focus on technology, arts and entertainment. The developers have just applied for a Temporary Use Permit for the 17-acre former trailer park, which, along with 22 other buildings will be redeveloped into a mixed use technology and culture-driven, walkable, live-work-play development. Magic City will include a 30,000 SF Magic City Studios a 15,000 SF innovation center with co-working and start-up accelerator space, an office tower, retail, workforce housing and a hotel. Laliberte will also build a pop-up area with local retail and food options. Magic City Innovation District extends from NE 60th Street to NE 64th Street and east of NE 2nd Avenue. 

"Magic City is an opportunity for us to put all our creativity to the service of entertainment and new technologies,” Laliberte said. “This collaboration will allow us to explore new forms of entertainment and make available multimedia and interactive installations adapted to future Magic City residents and visitors. Lune Rouge is proud to be a partner in this important revitalization project.”

New Arquitectonica Designed Hotel Coming to Brickell's El Eden Motel Site

More change is expected in Brickell as the owners of the lot currently occupied by the aging El Eden Motel, located at 115 Southwest Eighth Street, 726 Southwest First Court and 110 Southwest Seventh Street; are working on approvals for a new project. Tony Cho of Metro 1 Development and Robert Finvarb of Robert Finvarb Companies purchased the property last year (2016) for $18.4 million and aim to develop a mixed-use millenial-driven hotel with a retail component via a joint venture partnership. The proposed design will be designed by Arquitectonica, will rise 24-stories, cover 250,000 SF, cost about $90 million, and feature 263 keys. The project is currently in the approval process.