29 NE 29th St

JAW Commercial as exclusive marketing broker presents the opportunity to purchase 29 NE 29th Street, a prime 34,550 SF urban infill development site located at the converging epicenter of Wynwood, Midtown and Edgewater. These combined submarkets are currently experiencing record growth that rivals no other market in the country in terms of demand and improving demographics as evidenced by low vacancy and increasing prices amidst an ongoing development boom. The property boasts 250 feet of south facing frontage allowing for maximum sunlight exposure in the heart of the 29th street corridor just east of N Miami Ave on the southern edge of Midtown. The site is 2 blocks from Trader Joe’s and 3 blocks from the new Whole Foods which will be the first major grocer in the area and the largest Whole Foods in Florida. Studies have shown properties in close proximity to Whole Foods benefit from improved property values and increased walkability. Additionally, the Northeast Corridor Rapid Transit Project Wynwood Station will be located 2 blocks south on 27th St just east of N Miami Ave and will shuttle local commuters between Downtown Miami and Aventura. 29 NE 29th Street is currently zoned T5-O allowing for 5 stories or a bonus of up to 8 stories with 150 units/acre under Miami 21. However, the site is surrounded by contiguous properties with higher density zoning enabling a clear path for rezoning from the current density and height limit. The highest and best use for the site is a project utilizing the Live Local Act which allows for at least 500 feet of height and 1,000 units/acre as long as the development meets certain affordable housing requirements. 29 NE 29th Street is autonomous and does not adhere to the rules and regulations governing the Wynwood NRD or Midtown Miami which includes design review boards that can determine the outcome of a planned project. Notably, there are covenants restricting development on both sites that bookend the property guaranteeing protected, unobstructed views to the property and dual hard corners, effectively, on the southern end of this strategically located block.