The Wynwood Rush
New Yorkers are coming to Wynwood to remake it in the image of SoHo—or Williamsburg or the Meat Packing District, it depends on whom you ask. Aztec Group director Charles Penan (snapped with colleague Howard Taft) tells us that investors from a lot of places want to be in Wynwood, interested in developing retail, multifamily, office and hotels. “Wynwood’s underserved by these classes of real estate, with demand outpacing the supply of land, and properties available for sale,” he says.
The transition will probably be incremental, Charles adds—local deal by local deal. Recently Aztec Group oversaw the acquisition funding for 2301 N Miami Ave, a retail property bought by Atlas Real Estate Partners. Financing was provided by US Century Bank. (Five-years, 55% loan-to-cost, 4.25% fixed rate.) The 33k SF property, formerly a warehouse, consists of four individual storefronts. They'll be home to art galleries and design retailers, who will add to the neighborhood’s rising art scene, Charles says. (The odds are against the structure staying exactly that shade of pale in Wynwood, too.)