Rock Soffer Acquires Development Site In Wynwood, Miami For $7.75M

A development site located at 119 Northwest 24th Street in Miami's Wynwood neighborhood has been sold for a total of $7,750,000. The property spans 14,500 square feet, resulting in a price per square foot of $534.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $7,750,000
• Square Footage: 14,500

Metro 1 Commercial, a prominent brokerage firm in the area, facilitated this off-market transaction as the sole representative for both the buyer, Rock Soffer, and the seller, Elias Mitrani. Juan Andres Nava, the managing broker at Metro 1, and Bernardita Banfi, a broker associate at Metro 1, successfully closed the deal.

The 14,500 square foot parcel is situated in the Wynwood neighborhood, specifically within the NRD-1 overlay zone. The property is zoned T5-O, allowing for up to 5 stories as of right, and up to 8 stories with additional bonuses. From a density perspective, the site permits 50 residential units as of right, 75 residential units with bonuses, or 100 hotel keys as of right, and 150 hotel keys with bonuses. Metro 1's extensive experience in Wynwood, along with their reputation as the leading placemaker in the neighborhood, played a pivotal role in successfully brokering this transaction.