Marcus & Millichap selected to market Miami development site

Marcus & Millichap was selected to market for sale Gateway to Wynwood, a 48,790-square-foot redevelopment site located in the northern end of Miami’s Wynwood neighborhood. The listing price is $22.5 million and consists of two contiguous pieces.

Scott Sandelin, VP investments, and associate Jonathan De Le Rosa, both in Marcus & Millichap’s Miami office, are exclusively representing the sellers, private owners from South Florida.

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The property is located at 2916 North Miami Ave., two blocks from The Shops at Midtown Miami, an urban shopping mall anchored by national tenants such as Target, Ross, Marshalls, West Elm, Party City and PetSmart. The combined properties have 400 feet of linear frontage on both 29th Street and North Miami Ave.

The property is currently zoned T5-O, however the Wynwood neighborhood is in the final stages of an up-zoning that will change the offering’s zoning to NRD-1, which will be ideally suited for a mixed use vertical development with uses such as retail, multifamily, hospitality, parking garage, and office.

The Wynwood Arts District is home to more than 70 art galleries, retail stores, antique shops and eclectic bars and restaurants.

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