The Wynwood Foreign Trade Zone in Miami is looking for a new owner.
The eight-acre property, currently owned by Wynwood Community Economic Development Corporation, has agreed to sell the site as Gateway Business Center at Wynwood. The total zone comes included with three office and industrial properties combining to form 166,00 square feet of industrial zone buildings.
Why didn’t this area flourish before? What’s the deal here?
It’s been a tumultuous 30 years for the organization in Wynwood. Constant lawsuits and litigation made it very hard for them and they filed for bankruptcy in 2005.
The zone for sale is within 1.5 miles of the Port of Miami with a license for duty-free trade with no tariffs on exports and only limited tariffs on imports.
“Our organization’s original intent was to generate jobs,” said executive director William Rios. “The property is in an incredible location, and whatever goes there will have a serious impact on what the community will become.”
How does the zoning code update Miami 21 affect this area?
Those of us in Miami know about the zoning code rewrite called Miami 21. Well that code change specifically targets Wynwood as a Priority Development Area. This means that the city will likely be very flexible about the future use of the area even with the current industrial zoning.
I really feel that Miami is targeting Downtown Miami and Wynwood as areas where they really want to see commercial growth. If you’re interested in developing in these areas, I’d strongly predict that your projects will get approved as long as they seem feasible by the board. In local newspapers all you read about is the much needed and long awaited improvements there should be to the downtown areas.
What’s the bottom line on this sale?
Wynwood looks like an area with great potential. Downtown Miami is exploding in the commercial real estate market. While the residential market has experienced a slowdown, commercial is generally going very strong. I specifically target Downtown Miami as an area that will experience MAJOR growth in the coming years. If you’re an investor I strongly suggest you investigate this area. Take a drive around. Look at areas that you see improvements in. Look at the areas where people are hanging around. These are the hotspots. These are the areas that will grow first and bring exponential profits to those who take advantage of that opportunity. Wynwood may just be another hotspot investment location. Research the area. See if it meets your investment criteria.
There’s always risk. But it pays to place your investment money on an area that shows promise to grow exponentially in the coming years instead of a stagnant area.
Wynwood may just be that kind of growth area.
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