Tony Cho, CEO of Metro 1, South Florida’s leading real estate brokerage, management and development firm, is seeking joint venture hospitality partner(s) to co-develop an innovative mixed-use hospitality, office, retail and/or residential project on the Wynwood Gateway site located at the intersection of Northwest 2nd Avenue and 29thStreet.
The approximately one-acre property is comprised of a 10,240-square foot retail building, which received a best-in-class renovation in 2012 and is leased to several highly popular tenants including Ducati and the new Selinas/Brother & Brawlers concept store among others, as well as a 2,200-square foot, five-unit residential structure.
The Wynwood Gateway Complex benefits from the best zoning in the Wynwood Neighborhood Redevelopment District. An original feasibility study performed by architecture firm Arquitectonica shows the project is capable of supporting 388,000 square feet of new development, including 146 hotel rooms, 70 multifamily units, 50,000 square feet of office and 20,000 square feet of retail. The contemplated project is estimated to cost in excess of $100M including land.
Additionally, the assemblage is located on main traffic arteries connecting Downtown Miami’s most popular neighborhoods. Foot and automobile traffic within the property’s immediate surroundings have grown exponentially over the past several years.
Cho, who’s known for his out-of-the-box approach to development, is seeking like-minded co-development and capital partners that understand the neighborhood’s personality.
“It’s been an honor to be part of Wynwood’s genesis and see it become one of the hottest real estate markets in the country, with this being one of its most prominent trophy assets,” said Tony Cho, President & CEO of Metro 1. “We understand this property’s immense potential and are looking for a partner who shares our vision.”
Fabian Graff, Director of M1 Hospitality is co-representing the JV hospitality search and stated, “the demand for this project has exceeded expectations, we are already in negotiations with a number of well-qualified operators and co-development partners. We have also received interest from straight-out buyers and will consider all options.”
Cho is currently a principle in more than four acres in Wynwood and is currently developing several high-profile properties, including a micro condominium in Wynwood and a dual-branded hotel in Brickell. He is also a co-founder in the billion-dollar-Magic City Innovation District.