Landmark Church Property Will Be Repurposed to Include Office and Artist Space
(MIAMI, FL – March 30, 2016) - Seth Gadinsky of Gadinsky Real Estate, LLC, and Samuel Soriero of Group 10 Capital Management, LLC today announced that they have formed a joint venture to create The Sanctuary at El Portal, a new mixed use space for Miami's growing class of artists, artisans, and homegrown businesses in the emerging El Portal area. The 30,431-square-foot, 2-acre property, formerly home to the Rader Memorial United Methodist Church, is located at 205 NE 87th Avenue.
Scheduled to be ready by late December of this year, The Sanctuary will feature office and artist studio spaces, showrooms, and a restaurant/cafe. A dynamic event space will serve as a community hub for gallery openings, events, and the performing arts.
Leasing for The Sanctuary at El Portal is already underway and developers say future tenants can expect generously sized workspaces at affordable prices, as well as access to a large courtyard space, complimentary on-site parking, and long-term leasing options.
"We want the property to be a sanctuary for local talent and businesses that have been continuously priced out of the very neighborhoods they helped to create," said Gadinsky, Principal of Gadinsky Real Estate. "Sanctuary at El Portal is a truly unique space and we plan to redevelop it in a manner that preserves the integrity of the building and the area it serves. "
Located within the Little River / Little Haiti corridor, El Portal is located in close proximity to more than a dozen art galleries and creative workplaces such as GucciVuitton Gallery, Fountainhead Studios, and Made at the Citadel, many of which fled from areas such as Wynwood and the Design District after lease pricing increased.
Gadinsky and Soriero purchased the former Rader Memorial United Methodist Church, one of the oldest churches in Miami-Dade County, in February of this year. The Rader Memorial United Methodist Church was formed in 1923 and the property was then built in phases between 1952 (cathedral) and 1955 (school house). Rader later merged with Fulford United Methodist Church located in North Miami. Eglise De Dieu Mont Des Oliviers La Nouvelle Jerusalem purchased the subject property on December 13, 2011 for $1,130,000 with the intention of rehabbing the property for their congregation. The rehabilitation never took place and the property was then purchased by the Gadinsky Real Estate and Group 10 Capital in its original state.
The Village of El Portal is designated as a bird sanctuary and features sprawling live oaks, and exotic species such as green iguanas, peacocks, screech owls, cardinals and ibis. The Village held an El Portal 2013 Planning and Design Charrette for the purpose of bringing together residents, officials, and planners to develop a plan to “activate” commercial stretches within the Village and grow its sense of community. The charrette has culminated in a new Comprehensive Master Plan for the Village, which is still in draft form but will be formalized in the coming months.
“We are excited about the redevelopment plans for the church property in El Portal,” said Manager of El Portal Village, Jason Walker. “Seth Gadinsky and Sam Soriero have fully embraced the El Portal 2013 Planning and Design Charrette and they completely understand our residents’ vision for this part of NE 2nd Avenue.”
ABOUT GADINSKY REAL ESTATE, LLC
Gadinsky Real Estate, LLC, the first name in retail real estate, specializes in retail development, tenant representation, urban renewal, project leasing, and consulting. Founded in 1999, Gadinsky Real Estate has worked extensively with retail clients, lenders, investors, and property owners to create many high quality and innovative retail projects. Some of Gadinsky Real Estate’s previous projects include The Shoppes @ 420 Lincoln Road, Publix Supermarket at Market Square, numerous Walgreens pharmacies, and Lakepoint, a 1,200-acre amateur sporting and entertainment community. For more information about Gadinsky Real Estate, visit www.gadinsky.com.
ABOUT GROUP 10 CAPITAL MANAGEMENT
Group 10 Capital Management, LLC is an opportunistic investment company that was established to further the entrepreneurial investment activities of its principals. Group 10 manages a series of investment partnerships on behalf of institutional and individual investors. Group 10 focuses on alternative investments in its areas of expertise: direct lending, real estate, equities, and medical. For more information about Group 10, visit www.10llc.