MIAMI—Wynwood. It's a unique, artsy neighborhood that has made a name for itself in the current cycle. Opportunistic investors looking for an edgy, emerging market are making their bets—and Tony Cho, founder and CEO of Metro 1 Commercial, is working hands on with many of them.
GlobeSt.com caught up with Cho to get his take on Wynwood's status amid a market slow down. The interview comes at the heels of the firm closing on the largest single transaction sale in Wynwood history at $53.3 million. Located on Northwest 2nd Avenue between 26th and 27thStreet, the trade including buildings with a total of 41,616 square feet on a 42,000-square-foot lot.
GlobeSt.com: Despite a market slowdown, why do developers and investors continue to look to Wynwood for land and property?
Cho: Wynwood is an internationally recognized brand with a finite amount of real estate available. It is prime for investment and development and is one of the most unique neighborhoods in the world. It is attracting really interesting tenants, visitors and investors who are all looking to push the envelope when it comes to innovative design and development.
GlobeSt.com: Regarding the recent sale for $53.5 million, why did this property brought such a high price?
Cho: This property was an off-market sale and is in the best location on the best street in Wynwood. These buyers are very sophisticated and understand the value of main at main real estate in a white hot emerging neighborhood such as Wynwood. They are long term investors and will do very well with this project.
GlobeSt.com: Why does Wynwood continues to get record breaking prices on properties as the rest of the urban core remains steady?
Cho: Wynwood's story is solid, well-defined and well-known among many people from varied backgrounds. Wynwood, much like its attractive walls, is like a desirable piece of Art that people want to collect. There is a pride of ownership as the Wynwood brand has serious equity in and of itself.
GlobeSt.com: How does the proposed Wynwood Park will enhance the area and play a part in continuing the evolution of the neighborhood?
Cho: Wynwood Park will bring great value to the neighborhood adding much needed additional green space and innovative design.
GlobeSt.com: Why is there a higher interest in commercial real estate now as opposed to residential in the urban core?
Cho: It's a natural progression. After residential development, commercial infill happens. All those new residents need places to eat, shop and play.
GlobeSt.com: Describe what you see for the future of Wynwood development—commercial and residential.
Cho: Wynwood will always be an artsy urban mixed-use neighborhood with edgy retailers and forward thinking owners and developers. Wynwood will stay mid- to low rise and have a good amount of adaptively repurposed warehouses which will help to preserve its character. Street Art will always be a part of the equation as it is now codified into the new zoning law, Wynwood NRD (Neighborhood Revitalization District).
MIAMI—Wynwood. It's a unique, artsy neighborhood that has made a name for itself in the current cycle. Opportunistic investors looking for an edgy, emerging market are making their bets—and Tony Cho, founder and CEO of Metro 1 Commercial, is working hands on with many of them.
GlobeSt.com caught up with Cho to get his take on Wynwood's status amid a market slow down. The interview comes at the heels of the firm closing on the largest single transaction sale in Wynwood history at $53.3 million. Located on Northwest 2nd Avenue between 26th and 27thStreet, the trade including buildings with a total of 41,616 square feet on a 42,000-square-foot lot.
GlobeSt.com: Despite a market slowdown, why do developers and investors continue to look to Wynwood for land and property?
Cho: Wynwood is an internationally recognized brand with a finite amount of real estate available. It is prime for investment and development and is one of the most unique neighborhoods in the world. It is attracting really interesting tenants, visitors and investors who are all looking to push the envelope when it comes to innovative design and development.
GlobeSt.com: Regarding the recent sale for $53.5 million, why did this property brought such a high price?
Cho: This property was an off-market sale and is in the best location on the best street in Wynwood. These buyers are very sophisticated and understand the value of main at main real estate in a white hot emerging neighborhood such as Wynwood. They are long term investors and will do very well with this project.
GlobeSt.com: Why does Wynwood continues to get record breaking prices on properties as the rest of the urban core remains steady?
Cho: Wynwood's story is solid, well-defined and well-known among many people from varied backgrounds. Wynwood, much like its attractive walls, is like a desirable piece of Art that people want to collect. There is a pride of ownership as the Wynwood brand has serious equity in and of itself.
GlobeSt.com: How does the proposed Wynwood Park will enhance the area and play a part in continuing the evolution of the neighborhood?
Cho: Wynwood Park will bring great value to the neighborhood adding much needed additional green space and innovative design.
GlobeSt.com: Why is there a higher interest in commercial real estate now as opposed to residential in the urban core?
Cho: It's a natural progression. After residential development, commercial infill happens. All those new residents need places to eat, shop and play.
GlobeSt.com: Describe what you see for the future of Wynwood development—commercial and residential.
Cho: Wynwood will always be an artsy urban mixed-use neighborhood with edgy retailers and forward thinking owners and developers. Wynwood will stay mid- to low rise and have a good amount of adaptively repurposed warehouses which will help to preserve its character. Street Art will always be a part of the equation as it is now codified into the new zoning law, Wynwood NRD (Neighborhood Revitalization District).
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