ALLAPATTAH, Fla. – Over the past decade, the art, entertainment, and culinary districts of Wynwood, Miami Design District, and Midtown have grown exponentially — which means the property value of these areas have also skyrocketed just as fast.
This is leading newcomers, developers, and investors alike who hope to open businesses to head north to Buena Vista, or, out west. But what’s out west?
It’s an area of Miami-Dade County, north of Overtown and south of Liberty Square, called Allapattah, and developers are already hoping to transform the neighborhood into a cultural destination.
One quick Google search and you’ll find this description of the neighborhood on the official site of Greater Miami: “One of the most diverse neighborhoods in Miami, Allapattah enjoys a strong sense of community and a distinct Latin flavor. It is home to Jackson Memorial Hospital and the Rubell Museum, one of the biggest private contemporary art collections in North America. On Northwest 7th Avenue you will find a delightful mix of sandwich shops, thrift shops, botanicas and hipster bars in close proximity, ready to be explored.”
However, it isn’t quite ready to be explored. Located directly west of the highway, north of Jackson — the metropolitan area is truly an area that has never been synonymous with the arts, dining, or shopping.
However, this might just change.
Real estate debt provider BGI Capital has recently structured a $2.4 million loan for the real estate investment company Bardisa Family Holdings to transform nearly two acres in Allapattah into a cultural destination. The borrower has plans to renovate two warehouses: one measuring 21,840 square feet and the other 7,676 square feet, plus, the surrounding land, to create the first concept of its kind in Allapattah.
The development, which consists of 30,000 square feet of warehouse space and 70,000 square feet of land, will include a South Florida-based distillery, four additional tenants that will comprise of food and beverage partners, and an event venue space for live music.
Empty lots and warehouses in emerging neighborhoods such as Allapattah and Overtown have become the next sought-after real estate commodity for mix-use developments, especially due to their location directly west of the already bustling neighborhoods of Wynwood, Midtown, Edgewater, and Downtown.
So far, one of the two warehouses will be located west of Wynwood, at 868 N.W. 21st Terrace. The entire mix-use development project is slated to open in the spring of 2022.