Wynwood property sells to developer for $11M

By Brian Bandell  – Senior Reporter, South Florida Business JournalMar 14, 2017, 6:12am EDT

An affiliate of Block Capital Group paid $11 million for a pair of buildings in Miami’s booming Wynwood Arts District.

Chia-Jung Hsu and Amy Ya Ping Liu, of Pembroke Pines, collected quite the windfall after purchasing the buildings for $88,000 in 1993 and $80,000 in 1994. They were previously apparel warehouses, but like much of Wynwood, they’ve been covered in street art and converted to retail. One recent tenant is Fairy Shoes.

The 9,616 square feet of buildings on 12,100 square feet of land at 285 and 295 N.W. 27th Street were sold to 295 Wynwood LLC, managed by Martin Miculitzki of Aventura-based Block Capital Group. The deal included $6 million in seller financing.

The price equated to $1,144 per square foot for the buildings, or $909 square feet for the land if it’s part of a redevelopment project. Wynwood’s zoning allows 150 units per acre.

The buildings were constructed in 1947 and 1952.