Wynwood is in the boundaries of the City of Miami in east-central Miami-Dade County. The immediate neighborhood is dominated by commercial and industrial land uses, especially warehouse properties of older vintage, and has for several decades been known as a wholesale and discount retail district for clothing and accessories. There is a limited amount of light manufacturing in the area, and until recently, there were very few residential properties. Brittex has appraised numerous commercial properties in this area.
Beginning in early 2005, the area experienced a surge in investor interest and a run up of property values spurred by a major commercial development in the northeastern quadrant of the district. The project, known as the “Shops at Midtown Miami” is a 645,00 square foot retail development located along the east side of N. Miami Avenue, immediately south of N.W. 36th Street. The largest development on the east coast, this occupies the old 56-acre site of the Florida East Coast rail yard that informally divides the Wynwood district from the more residential Edgewood district. Speculative buying caused property values to skyrocket in 2005 and through the third quarter of 2006. From the end of 2006 to the present, the market has shown distinct signs of leveling as the completion of the retail project has fallen behind schedule and as “gentrification” of the neighborhood has not materialized to the extent anticipated. Some upgrading of distressed warehouse properties has indeed taken place as local business interests have promoted the district as a venue for conversion of warehouses to artists lofts and galleries, calling it the “Art District” in an attempt to emulate areas such an SOHO in New York City. During the period of property appreciation, older properties were bought up for future development, some with the intention of building residential condominiums an anticipation of the increase employment opportunities that the retail project would bring to the neighborhood. Nevertheless the area as a whole still awaits a major face-lift with many blighted properties still in evidence.
Property values in the area can vary significantly over small distances depending on the location with respect to North Miami Avenue, Biscayne Boulevard, and the “Shops at Midtown Miami” project. North Miami Avenue is the dividing line between east and west addresses, and the properties to the east typically command higher prices because of their proximity to Biscayne Boulevard (US-1). Biscayne Boulevard has long been known as an active commercial corridor, and in recent years has attracted high-rise projects offering ocean views. It runs the length of the city and connects downtown Miami with points north. Similarly, properties in close proximity to the Shops at Midtown Miami project typically command higher prices than those farther west or south.
Map of Downtown Miami-Dade extending north to Wynwood - Source / Downtown Development Authority This map shows both the names of the new residential condominiums and their corresponding addresses. It also color codes them to indicate if they are under construction or have been completed.