The Wynwood lofts, located at 1657 North Miami Avenue, have leased half of their units within 90 days.
“Across the city we have seen rental rates increase in the past year, but mainly in Brickell and Miami Beach,” Tony Cho, CEO and Founder of Metro 1 Properties, said in a news release. “What our team is experiencing at Filling Station Lofts is a demand for the urban core.”
Rent prices for the lofts, targeted to young professionals, average $2.60 per square foot, which is lower than the average price per square foot for rents in the Biscayne Corridor at $2.78. The corridor includes Wynwood, the Design District, Midtown and downtown Miami, according to the ISG December 2014 Miami Report. Rents in Brickell averaged $2.82 per square foot while Miami Beach averaged $4.21 and Aventura $2.02.
Cho told The Real Deal that compared to similar properties in surrounding areas, rents at the Filling Station are affordable.
“It’s difficult to compare because they’re lofts. It’s a unique product,” Cho stated.
Cho said he expects the project to be fully leased within the next six months.
“The neighborhood is improving. I don’t think it’s overpriced. The value is there,” he said. “I think it’s a real testament to our product, strategy and marketing.”
Source: The Real Deal