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Miami Today News -
Wynwood trade zone attracts nine
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Nine offers are on the table from groups
vying to buy the 8-acre Wynwood Foreign Trade Zone in Miami, and the
zone's owner hopes to choose a buyer for the vacant property by next
After a 45-day international marketing blitz,
the broker for federally licensed trade zone owner Wynwood Community
Economic Development Corp. received bids from potential buyers ranging
from private and public real estate trusts to local developers, said
Wayne Ramoski, senior director for Cushman & Wakefield, which
is marketing the property. The zone includes three rundown industrial
and office buildings totaling 166,000 square feet. It is within 1.5
miles of the Port of Miami and is licensed for duty-free trade with
limited tariffs on imports and none on exports.
officials had expected about six offers to come in by last Friday's
deadline, Mr. Ramoski said. The volume of bids and diverse pool of
applicants is a reflection of a healthy Miami-Dade County commercial
market in light of a residential slowdown and the property's appeal to
industrial investors, he said.
market is still very strong, especially the industrial market," Mr.
Ramoski said. "We wanted to talk to local buyers as well as
institutions, which in the past few years have been strong buyers of
Before selecting a buyer, zone
brokers plan to iron out a final asking price and draft a short-list of
qualified prospective buyers to meet with individually, he said. Most
of the interested groups proposed renovating and leasing out the zone,
Mr. Ramoski said, while one potential end-user made an offer.
most groups we know what they want to do with the property," he said.
"There is one or two [with whom] we would like to go a little more in
depth about what the development or redevelopment plan is."
Community Economic Development Corp. agreed in March with real estate
company RIMCI, which owns several small parcels at the 2235 NW Fifth
Ave. site, to market the zone as Gateway Business Center at Wynwood,
executive director William Rios said. Marketing the zone culminates
three decades of efforts to create international trade opportunities
and new jobs in economically depressed Wynwood, Mr. Rios said.
zone has been vacant for about 10 years while the owner was in
litigation with several parties, including the City of Miami and a
former partner. Because the Wynwood Economic Development Corp. filed
for Chapter 11 bankruptcy in 2005, the US Bankruptcy Court must approve
a contract for the zone, Mr. Ramoski said. If the court rejects a
contract, the zone could be auctioned off to the highest bidder.
city's zoning code rewrite, Miami 21, targets Wynwood as a Priority
Development Area and would probably be flexible about potential uses
despite the current industrial zoning, Mr. Ramoski said.
the end of the day, what is extremely important is taking an asset that
has lain idle for many years and turn it into a productive asset for
the city," he said. "Everyone is focused on getting either a use