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Mixed space building to replace El Portal church

The 2-acre Rader Memorial United Methodist Church at 205 NE 87th St. was purchased by Group 10 Capital Management last February for $3.2 million. Developers Seth Gadinsky and Sam Soriero intend to convert the former Methodist church and elementary school to an affordable mixed use building. They guarantee that the rent will still be affordable and be able to suit the needs of all kinds of tenants from small-business owners to artisans to millennials.

Miami property management believe that The Sanctuary at El Portal will allow tenants who were priced out of Wynwood a break. Gadinsky stated that they intend to build The Sanctuary at El Portal in order to create a space people can call their home without worrying that their rents will increase drastically. Although the developers have not finalized their plans, they estimate that they will be charging about $25 per square foot for rent, a whole lot cheaper compared to the $40 per square foot in Wynwood.

Gadinsky Real Estate acquired commercial spaces in Miami Beach, the firm converted an old gas station at Collins Avenue into a Art Deco-inspired Walgreens. In addition, the firm also transformed a low-income Miami Beach apartment into a Banana Republic.

Source: www.miamiherald.com

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