Miami’s Retail Market Heats Up with Record-Breaking Sale at The Rider Residences
February 21, 2025 by Jacki Taylor
Miami’s dynamic Midtown-Wynwood corridor continues to attract significant real estate investments, with developers Rilea Group and Ciprés closing on a $2.4 million retail space sale at The Rider Residences. The 1,704-square-foot space, located at 94 NE 29th Street, sold for $407 per square foot, making it the second-highest retail sale price per square foot in the area. This follows The Rider’s own record-breaking sale of a 702-square-foot space for $1.19 million at an astonishing $1,700 per square foot.
The transaction underscores the continued demand for commercial space in the rapidly expanding Midtown-Wynwood corridor. This surge is further bolstered by Amazon’s upcoming expansion into Wynwood, a move that is expected to drive even more business activity and foot traffic to the area. The Rider Residences, designed by Deforma Studio, is strategically positioned to benefit from this growth, offering connectivity to Miami’s transit network with a planned metro stop nearby and easy access to I-95.
The Rider Residences is a 12-story condominium featuring 146 fully furnished units ranging from studios to three-bedroom residences. Designed with style, functionality, and smart home technology in mind, the development provides a flexible ownership model with no rental restrictions, appealing to investors and residents alike. Situated within walking distance of Miami’s top restaurants, retail stores, and entertainment venues, The Rider Residences promises convenience and an urban lifestyle tailored for today’s buyers.
According to the Wynwood Business Improvement District, the neighborhood continues to attract major businesses and investment, drawing 15 million visitors annually. Once an industrial warehouse district, Wynwood has transformed into a thriving hub for art, dining, retail, and technology, making it a prime location for entrepreneurs and established corporations. With ongoing retail and office leases being signed, the district remains one of Miami’s most active and sought-after real estate markets.
The recent record-breaking sales at The Rider Residences reaffirm Wynwood’s position as a hotspot for both residential and commercial investments. As Miami’s urban landscape continues to evolve, developments like The Rider Residences are poised to redefine the city’s real estate scene, offering unparalleled opportunities for investors and residents alike.
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