I want to develop a piece of land I have in Wynwood (Miami)

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Hello,

I am in California, however I have a property in Wynwood that is zoned T5-O. It is zoned for up to 10 single family units, or up to 20 lodging (Hotel/Motel) units. It's VERY close to all the action - galleries/art work, restaurants/bars/entertainment and shops.

There are currently two units, both in rough shape. They are renting for roughly $3,000/month right now which isn't worth the effort. And I say roughly because these are not the best tenants in terms of payment. I'm tired of the hassle of dealing with them and I think the neighborhood is at a point where it's "hip/trendy" enough to bring in a higher quality tenant; ie: stable jobs, respect for rules, etc.

My issue is that I don't have the funds to develop this property to its full potential. It's making money, but not really worth the hassle. And I wouldn't sell at a loss either just yet, because the land value should only go up as new developments are springing up nearby.

I was thinking of small units, between 400-500 sq ft in size. The cost to build such a unit, using higher end construction/finishes should be $100K/unit (Assuming 400 sq ft and a cost of $250 per sq foot). I would expect these units to rent for $1200/month minimum - a fairly conservative estimate. The price per unit could be lowered if cheaper finishes were used - which isn't a bad option either and I don't think it would really harm our rent asking price.

I'm open to anything though as long as it's able to generate a profit. Multifamily, hotel/motel, maybe office or retail space.

Wondering if anyone has suggestions or tips on what sort of people/businesses to approach? The only thing I can really offer is the land. Would it be best to approach a contractor? A big name (I'd probably get laughed at or ignored) in the area?