Metro 1 Development Seeks JV Partnership to Co-Develop Mixed-Use Property on Prime Wynwood Gateway Site

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 29th
Street.

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Conceptual rendering drawing of Wynwood Gateway development. (Photo: Metro 1)

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. To
learn more, visit: www.metro1.com.

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