The Miculitzki family’s Block Capital is looking to shed a prime development site in Miami’s Wynwood neighborhood.
Miami-based Block Capital is listing a 16,866-square-foot retail building that could be redeveloped into a five-to-eight-story mixed-use project. The site has an asking price of $15.5 million, according to an online marketing brochure. Juan Andres Nava with Metro 1 is marketing the property at 100 Northwest 25th Street.
Block Capital executives and Nava did not immediately respond to requests for comment. In 2016, Block Capital paid $10.7 million for the property, records show.
Two of the building’s three spaces are currently leased to the clothing store The Shop Miami, and Manta Peruvian Cuisine restaurant. The owner is currently negotiating a lease for the third space, the brochure states.
Under the current zoning, prospective buyers could build a five-story mixed-use project with retail, office and 56 apartments or 112 hotel rooms. With bonuses for providing the city of Miami with public incentives, a developer could build an additional three stories with 84 apartments or 168 hotel rooms, the brochure states.
Block Capital, led by CEO Martin Miculitzki and his relatives, is among Wynwood’s prolific developers and land owners. Last year, the firm bought a stake in the Diesel Wynwood luxury condominium project at 148 Northwest 28th Street, and took over as lead developer.
Adjacent to the Diesel Wynwood site, Block Capital and Kushner Companies built Wynd 27 and Wynd 28, a pair of mixed-use projects with a combined 150 apartments, 52,000 square feet of office space, 33,000 square feet of retail, parking, and amenities such as co-working spaces, an outdoor pool deck and lounges.
In another part of Wynwood, Block Capital recently completed a five-story building with 17 apartments and 3,000 square feet of ground-floor retail at 91 Northwest 27th Street.
In 2022, Block Capital sold a pair of office buildings at 100 Northeast 28th Street and 85 Northeast 27th Street for $18.7 million to Miami-based family office WellMeaning Investments.