MIAMI -

A ribbon-cutting ceremony was held Wednesday for the Wynwood Gateway Complex. It is the area's first development community and now a competition is underway to design the park inside the complex.

You could say Wynwood wears its art on its sleeve. The bohemian barrio is a vibrant up-and-coming neighborhood that developers are digging.

"Something about this place has the right feng shui," said Miami Commissioner Marc Sarnoff. "It always seems to be facing the right direction."

Wednesday at Northwest 29th Street and Second Avenue, a development called Wynwood Gateway touted its newest tenant: Ducati motorcycles.

"It is the first time that an international brand comes to Wynwood and that is a game changer," said Miami Mayor Tomas Regalado.

But some say the changes are coming faster than these high-speed motor bikes.

Colorful Wynwood will soon be getting its first hotel; an eight-story luxury boutique hotel will be built on an empty lot.

Wynwood Central is one of many rental and condo projects that includes retail and office space, but one project that has been proposed has more than 250 units and many say that's too many too fast.

Sarnoff said Wynwwood needs a building height limit of six stories.

"The one thing Wynwood doesn't have going for it is density," said Sarnoff. "You need to create a live-work concept."

"They are selling a dream," said Stefano Campanini, of Etra Gallery.

Campanini can't afford rent in the pricey design district, so he looked to Wynwood.

"How much are they charging?" asked Local 10's Todd Tongen.

"Thirty-five to $45 per square foot. Sometimes you hear $50 a square foot," said Campanini. "Very few of the galleries there are thriving. Most of them are just struggling."

"I think the rents have gone up significantly but in the words of Jay Leno, it takes many years to lose your grit," said Sarnoff.

Wynwood pioneers like Tony Cho, who came here 14 years ago, said Wynwood must keep its identity or it will lose the vibe that made it thrive.

"The responsible stakeholders and landlords are working their hardest to try and preserve that creative class, the artist that really made Wynwood what it is today," said Cho, of CEO Metro One Properties.