DWNTWN Realty Advisors recently facilitated the $24 million Wynwood mixed-use property sale of Whale & Star Studios, a prime development opportunity in Miami’s thriving arts district. This adaptive re-use transaction demonstrates the firm’s expertise in securing high-value commercial properties in dynamic urban markets.
Formerly the studio and gallery of renowned artist Enrique Martínez Celaya, this landmark sale underscores DWNTWN’s ability to manage complex transactions in one of Miami’s most creative and investment-driven neighborhoods, Wynwood Arts District. The property’s prime location and potential for future development make it a strategic acquisition in Miami’s urban core real estate market.
Wynwood Mixed-Use Property Sale: Project Overview
This property represents a rare mixed-use opportunity in one of Miami’s most creative and dynamic districts. Below are key details of the transaction and the features that make Whale & Star Studios a highly valuable acquisition.
- Location: 2215 NE 1st Place, Wynwood Arts District, Miami, FL
- Transaction Value: $24 million
- Buyer: Ralph Buchell
- Seller: Philip Levine
- Building Size: 25,855 SF of mixed-use space
- Lot Size: 31,500 SF
- Zoning: T5-O & T6-8-O (allowing for up to 12 stories of development)
- Key Features of Wynwood Mixed-Use Property Sale:
- Former home of Enrique Martínez Celaya’s art studio and gallery
- Property fully occupied under triple net (NNN) leases, with current tenant agreements set to expire in 2027.
- Potential for 108-162 residential units or 216-324 hotel keys
- Existing liquor warrant for hospitality or retail opportunities
- Significant development potential in Miami’s thriving Wynwood district
Understanding Wynwood’s Commercial Real Estate Potential
Wynwood, one of Miami’s most dynamic and rapidly evolving neighborhoods, transitioned from an industrial zone into a global hub for art, culture, and innovation. Known for its vibrant street art, trendy restaurants, boutique retail spaces, and booming creative economy, Wynwood now attracts both tourists and commercial real estate investors. This thriving district is further strengthened by a growing presence of tech companies and co-working spaces, making it the ideal location for mixed-use property developments combining residential, commercial, and cultural spaces.
The Neighborhood Revitalization District-1 (NRD-1) zoning plan, adopted in 2015, supports sustainable growth while preserving Wynwood’s unique artistic heritage. This zoning enables increased density, making high-value properties like Whale & Star Studios especially attractive to developers and investors. With opportunities to develop high-rise residential units or luxury hotels in Wynwood’s core, this property offers substantial long-term value.
Wynwood’s proximity to key Miami neighborhoods such as Midtown, Edgewater, and the Design District further enhances its strategic importance as an investment location. The district benefits from excellent walkability, a strong cultural identity, and lively street life, with iconic destinations like Wynwood Walls, 1-800-Lucky, and Panther Coffee. This combination of art, commerce, and technology makes Wynwood one of Miami’s most desirable neighborhoods for real estate development.
By facilitating the $24 million Whale & Star Studios sale in this rapidly evolving neighborhood, DWNTWN Realty Advisors further solidifies its position as a leader in Wynwood’s commercial real estate market, demonstrating its deep knowledge of local market trends and future growth potential.
DWNTWN Realty Advisors’ Expertise in Wynwood Mixed-Use Property Sale Investments
DWNTWN Realty Advisors demonstrated its market-leading expertise in facilitating this $24 million sale of Whale & Star Studios, navigating the transaction with precision from valuation to closing. Leveraging their in-depth knowledge of Wynwood’s zoning laws and development potential, the firm ensured that both the buyer and seller maximized the value of this prime property.
Key elements of DWNTWN’s approach included:
- Accurate Property Valuation: DWNTWN accurately assessed Whale & Star Studios’ current value, not only as a fully leased, income-generating asset but also with its future potential as a mixed-use development in Wynwood’s thriving creative district.
- Zoning & Development Flexibility: With T5-O and T6-8-O zoning in place, DWNTWN guided both buyer and seller through the property’s vast potential for high-density development. The property offers flexible development options. The existing 27,406 square foot building can be repurposed into retail, with potential for glass storefronts around the property and activation of the outdoor courtyard to maximize exposure. Alternatively, developers can build up to a 265-key hotel or a 132-unit multifamily building or pursue a combination of both by renovating the northern portion into retail and concentrating residential or hotel density on the southern part of the site.
- Creative & Adaptive Re-Use Potential: Given the property’s history as an artistic hub for renowned artist Enrique Martínez Celaya, DWNTWN highlighted its potential for continued use as a creative space. The site’s unique character, combined with its zoning flexibility, makes it a prime candidate for an adaptive re-use project such as a gallery, studio, or other mixed-use facility catering to Wynwood’s creative and entrepreneurial communities.
- Long-Term Growth Potential: Situated in the heart of the Wynwood Arts District, the property benefits from being in one of Miami’s most sought-after neighborhoods for real estate development. DWNTWN emphasized the long-term value for the buyer, given Wynwood’s ongoing transformation and the demand for high-quality, mixed-use developments in this rapidly growing area.
- Seamless Closing Process: DWNTWN’s attention to detail ensured a smooth and timely closing. Both buyer and seller expressed high levels of satisfaction with the outcome, reaffirming DWNTWN’s reputation as a trusted advisor in Miami’s commercial real estate market.
Benefits of the Whale & Star Commercial Real Estate Sale
This $24 million Wynwood real estate transaction generated substantial benefits for both the buyer and seller, contributing to long-term value and strategic growth in Miami’s vibrant market:
- Prime Location: Whale & Star Studios is situated in the heart of Wynwood, Miami’s iconic creative and cultural hub, surrounded by notable neighbors like Uchi, KYU, and the Wynwood Walls. Its proximity to Midtown, the Design District, and Edgewater further amplifies its desirability for future development and investment opportunities.
- Zoning Flexibility: With T5-O and T6-8-O zoning, the property allows for significant high-density development, providing opportunities for projects such as residential towers or luxury hospitality developments, aligning perfectly with the ongoing growth of Miami’s real estate market.
- Income-Producing Asset: Fully leased under NNN terms until 2027, Whale & Star offers immediate cash flow, giving the buyer a steady income stream while allowing ample time to plan and prepare for future redevelopment opportunities once the leases expire.
- Cultural & Creative Appeal: The property’s previous use as the art studio and gallery for renowned artist Enrique Martínez Celaya adds historical and cultural value, making it a distinctive and meaningful acquisition for the buyer’s portfolio.
- Significant Development Potential: The property’s zoning permits the construction of up to 12 stories, with the flexibility to develop between 108–162 residential units or 216–324 hotel keys. This adaptability makes it ideal for adaptive reuse or large-scale redevelopment, ensuring long-term value appreciation in the rapidly evolving Wynwood district.
Explore Real Estate Opportunities with DWNTWN Realty Advisors
Are you looking to invest in Wynwood’s thriving real estate market? Contact DWNTWN Realty Advisors today to learn more about high-value commercial real estate transactions in Miami’s dynamic neighborhoods. Visit https://dwntwnrealtyadvisors.com/inventory to explore available properties and investment opportunities.
