Ducati Leases in Wynwood for its Atmosphere of Creativity and Low Tenant Costs
Jun 27, 2012 June 27, 2012
The Wynwood manufacturing district is primed for explosive growth as the neighborhood continues to accelerate its redevelopment with the arrival of its first internationally recognized brand: Ducati. The Italian motorcycle manufacturer has tapped the corner of NW 2nd Ave. and NW 29th St. as the site for a new showroom, retail store, motorcycle repair shop, and a potential café before 2013. During its relocation efforts out of Miami Gardens, the manufacturing giant picked the Wynwood location over spaces in South Beach and Coral Gables.
Despite some initial skepticism, the company was impressed with the rate of growth the area underwent in just a matter of months and also wishes to capitalize on the growing national publicity the so-called café district has garnered of late. The growing interest of industrial manufacturing companies and the arrival of a multitude of entrepreneurs opening businesses ranging from restaurants to offices to art galleries have helped drive up retail rental rates up to 100 percent over last year. Part of the breakneck pace of Wynwood’s development is owed to the thriving retail scene in Midtown Miami with imminent plans to introduce a selection of luxury brands to the Design District.
With the rising tenant costs in that area, and in places like Miami Beach, many businesses see Wynwood as an attractive alternative with its locally booming economy and creative renaissance. That creativity is what ultimately sealed the deal with Ducati but much lower rental costs, up to a third less than rents paid in South Beach, also helped with the process.
Sep Niakan, Miami Real Estate Broker, welcomes you to Wynwood, Midtown, Downtown and the surrounding areas. For any questions in regard to real estate in the area, please call him at 305-725-0566.