Biz Journals
Developer pays $9M for site in 'Wynwood's next frontier'

Morabito Properties acquired a property in Miami’s Wynwood for $9.3 million and plans to use it for an entertainment venue.

The 26,388-square-foot industrial building at 2143 N.W. First Ave. was sold by 2143 Realty LLC, managed by Carlos Garcia in Coral Gables. The deal was brokered by Metro 1 Commercial CEO and President Tony Cho and VP Andres Nava. The land totals 23,580 square feet.

The property last traded for $5.68 million in 2013.

"Wynwood represents a creative canvas for innovative concepts around entertainment, creative industries, art and culture," said Valerio Morabito, CEO of Morabito Properties. "This vacant building will allow us to realize our vision and bring this type of concept to this existing part of the neighborhood."

Metro 1 said the buyer plans to repurpose the two-story building through adaptive reuse into an entertainment venue.

Morabito previously completed the Beach House 8 condo in Miami Beach.

"This sale cements the Southeast Quadrant as Wynwood's next frontier," Nava said. "We are seeing the most amount of sales, development and opportunities on this side of Wynwood.

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