Developer Alex Karakhanian sold a building at the border of Wynwood and Edgewater to Morgan Reed Group for $10.7 million.
The Miami-based real estate firm bought the property at 1900 Northeast First Street with plans to convert it into a creative office building, brokers Tony Arellano of Metro 1 and Devlin Marinoff of Whitehall Realty told The Real Deal. It was on the market for $13.7 million, according to marketing materials.
The 58,500-square-foot, three-story building sits on 43,120 square feet of land. It sold for $182 per square foot for the building and nearly $250 per square foot for the land.
Karakhanian’s Lndmrk Development secured a height increase that fits the allowed density of about 500 units, Arellano said. Up to 20 stories can now be developed on the site under T-6-12 zoning, according to a press release.
A spokesperson for Morgan Reed confirmed that the company will convert it to creative office space and lease it out.
The building, known as The One NE 19th Street, was originally a car manufacturing facility and most recently a charter school. It has 20,000-square-foot open floor plates and a parking lot.
Karakhanian paid $6.6 million, or just under $113 per square foot, for the building in May 2016 and considered converting the property into a shared workspace project at the time.
Nearby co-working spaces include the Lab Miami in Wynwood, Büro in Midtown and MADE at the Citadel in Little Haiti.