Miami is much more than paradisiacal beaches and large commercial boulevards. It is also art and culture. Wynwood, a district located in the midtown area, has positioned itself in recent years as one of the most vibrant places in all of South Florida.
Wynwood’s story demonstrates the great things that can be achieved when you combine investing with a vision of the future. Twenty-five years ago, Wynwood was one of the most depressed areas of the city. Among the inhabitants of Miami there was a general perception according to which it was not advisable to walk through its streets after a certain hour. However, a number of real estate investors set out to transform its image and turn it into an attractive commercial pole. Wynwood had great potential that some had not appreciated in the past: it was located near Downtown Miami and Miami Beach, and was also well connected to important road arteries such as Interstate 195 and Biscayne Boulevard. In this way, with the same urban and visionary criteria with which in the past areas such as the Soho neighborhood in Manhattan (New York) had been renovated, abandoned warehouses and sheds were acquired to convert them into art galleries. New artists, interested in finding a place to exhibit their work, found there an unbeatable showcase. At the same time, the facades of old factories went on to make an endless open-air canvas on which street artists could shape spray works of art. Today Wynwood’s graffiti murals are one of Miami’s greatest icons. Its wide and colorful streets, which were once synonymous with decadence and neglect, today are one of the favorite places to take a walk for a weekend.
The fabulous renovation of Wynwood, which began from art, has had repercussions in all areas of urban development. Little by little, avant-garde bars and luxurious restaurants with international food have been installed. At the same time, fashion designers and retail stores have opened commercial premises in some of its streets. According to a study conducted in 2016 by the firm Cushman & Wakefield , specialized in real estate issues, Wynwood is among the fifteen coolest neighborhoods in the United States. Forbes magazine, for its part, included it in 2015 among the twenty most hipster neighborhoods on the planet. This type of favorable ratings makes it a very desirable housing option among young people, and a place with very good prospects for anyone who is thinking of investing in the United States.
That is the case of Miguel Reyes, a Colombian resident of Wynwood. He arrived in Miami two years ago, after getting a job at the Univision network. “It’s a young neighborhood,” Reyes says. “It has a lot of independent businesses, of people who are starting to start. It has a very artistic vibe and is very well located, ten minutes from the beach and up from Brickell.” Around the condominium in which Reyes lives, there is a varied gastronomic offer, a nursery for those interested in horticulture and several art galleries. It is that marked cosmopolitan and avant-garde air that attracted him to the neighborhood, and what continues to attract more and more people like him.
The economic boom that Wynwood is experiencing is far from peaking. Analysts predict that as the so-called millennials increase their purchasing power, Wynwood will continue to position itself as one of the favorite areas to invest. The recent modification of a land use rule – which made it difficult to build multifamily units in the fifty blocks that make up Wynwood – will increase the real estate market in the short term and will continue to promote its urban renewal at a frenetic pace.
Wynwood is not only one of Miami’s most dynamic districts. It is, without a doubt, their best kept secret.
If you are thinking of investing in Miami , we will advise you, write to us at info@pfsrealty.kinsta.cloud.