Los Angeles-based Black Lion Investment Group lead by CEO Robert Rivani has picked up yet another major piece of property in Miami; the Class-A retail venue Wynwood Arcade has been sold to the firm, purchased from East End Capital for a total of $13.5 million. The property is located at 50 Northwest 24th Street in Miami’s Wynwood Arts District, bounded by NW 23rd Street to the north and wedged between N. Miami Avenue and NW 2nd Avenue. The purchase follows another recent transaction from Black Lion who spent approximately $12.1 million on waterfront restaurant building Amara at Paraiso, previously owned by the Related Group.
The Wynwood Arcade, formerly three old warehouses that had been repurposed and renovated in 2016, features designs by New York-based DFA and consists of 23,434 square feet of retail and restaurant space, tailored to the urban community of artists, designers and professionals. Commercial units start from 750 square feet for smaller independent retailers or shops and eateries. A cascading staircase connects the center of the building to the rooftop where visitors and shoppers will find a bar and social meeting spaces. One of the most notable aspects of the design of the buildings is the facade, which features murals from artist Tristan Eaton, who was invited by DFA to create architecture in dialogue with art.
Wynwood Arcade. Designed by DFA.
Wynwood Arcade. Designed by DFA.
Wynwood Arcade. Designed by DFA.
Wynwood Arcade. Designed by DFA.
Wynwood Arcade. Designed by DFA.
Wynwood Arcade. Courtesy of Google Maps.
Black Lion Investment Group says they have made over $100 million in purchases over the last 12 months, anticipating future growth in Miami as the city continues to grow and further develop with the accelerating migration of people to South Florida.
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