CIM Group Acquires Development Site in Miami’s Wynwood District
MIAMI--CIM Group today announced the acquisition of a fully-entitled, 1.78-acre mixed-use development site in the Wynwood district of Miami, Florida. The entitlements include approximately 30,000 square feet of street-level retail space, approximately 71,000 square feet of office space, 257 residential apartment units and parking. Located at 2201 N. Miami Avenue and spanning NE 22nd and NE 23rd Streets, the site has approximately 250 linear feet of frontage on N. Miami Avenue to the west, and fronts the Brightline Rail to the east.
The site is well-positioned in Wynwood, a distinctive area in the urban core of Miami, nationally recognized as a center for arts, innovation and culture, as well as the setting for Art Basel and one of the world’s largest street art installations. The Wynwood Art District has been transitioning from an industrial zone to a flourishing center for art, fashion and creative enterprises, with rehabilitated factories and warehouses repurposed for galleries, studios, bars, workshops, and offices. Windowless facades of buildings throughout the district showcase vivid murals, and the neighborhood’s stylish clothing boutiques, restaurants, and unique shops are a draw for residents, workers, and visitors to the area.
CIM has been involved in the greater Miami region for more than 10 years, and brings its proven development and operational expertise to this location in Wynwood. CIM is co-developing the property with One Real Estate Investment. In addition, CIM is currently developing Caoba, a 444-unit, 43-story apartment tower in the heart of downtown Miami. Caoba is part of the master-planned Miami Worldcenter project in which CIM is also an owner and co-developer.
ABOUT CIM GROUP
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $56 billion of projects in communities across the Americas on behalf of its own account and its partners, co-investors and shareholders. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and asset management experience in urban real assets, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.