The Porosoff Group of Compass Commercial is proud to present the WPM Building, an 8-story, 19,561 rentable SF building built in 1906 & 1915. The property sits on a 3,125 square-foot lot on the signalized corner of NE 1st Avenue and NE 1st Street in the center of Downtown Miami. The property enjoys excellent frontage, and foot traffic was only improved by the opening of Tipsy Flamingo Cocktail Bar in the downstairs retail bay of the subject property.
The property was significantly renovated in the early 2000s and again over the last several years. Currently, the building has several offices leased out to jewelry companies and an established short-term hospitality operator of units on several floors with the desire to expand throughout the building. The ground floor retail space lease is occupied by Tipsy Flamingo, and the remaining retail space is on the hard corner, a High-End jewelry tenant.
Downtown Miami has seen a resurgence in recent years. Wynwood & New York investor Moishe Mana has purchased over 50 buildings on or near Flagler Street since 2014 for a total of over $375 Million. In October of 2019, Moishe Mana revealed the timeline for his Downtown Miami plans. Mana will begin by renovating the 13-story building at 155 S. Miami Ave. Built in 1980 and totaling about 166,000 square feet, the building formerly house federal immigration offices, and it looks the part of a staid government office. Mana wants the building to house office and technology tenants. While many of Mana’s properties are zoned for 50 to 80 stories, that’s not his vision. Mana will follow with another project on the same block, at South Miami Avenue and S.W. 2nd Street. That includes a modest-sized new building along with renovations to the parking garage and some historic structures that could house restaurants.
→ Located in the Heart of Downtown the Miami Central Business District. Walking Distance to Brickell, The Court House, Miami World Center, Brickell City Center, FTX Arena, Bayfront Park, and The Brightline Station.
→ Hard Corner of NE First Ave and First Street
→ 19.3%, 3,775 SF of the building is street-level retail (Tipsy Flamingo Cocktail Bar) & High-End jewelry tenant.
→ The remaining 15,786 rentable Sf of the building on floors 2-8 are occupied by month-to-month office tenants, and multiple floors are leased to a short-term hospitality operator 7,257 SF, not including common area
→ Across from Historic Downtown Miami Post Office – Planned conversion to food hall and beverage complex developed by Stambul USA. (4th Floor is open)
→ Adjacent to Metro Mall, which is undergoing a $35 Million renovation. (Currently Leasing)
CRE Advisor Multifamily Hospitality Development
NMHC PAC Contributor
Tel: (305) 733-6066
License: FL SL3160379
40 Northeast 1st Avenue
46 Northeast 1st Avenue
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