Museo Vault is a dedicated art storage facility in Miami. Recently, a UOVO, a New York firm acquired the facility for $50 million. In fact, its new name is UOVO Miami. The facility is an 85,000 square foot storage facility located in Wynwood. In addition to this, the firm is also developing a 50,000 square foot facility in the area that will open by 2022.
Museo Vault was built in 2008 with guidance from art insurance consultants, and became the only dedicated art storage facility in Miami. In fact, it has handled a wide range of artworks, including sculptures, airplanes, and even Egyptian mummies. In addition, they also offer packing, transportation, and installation.
UOVO is a market leader in the New York region. Given the increase of newcomers in Miami, this was the perfect opportunity for the firm to expand. Right now, Miami is seeing a huge influx of companies moving or expanding in the area. UOVO owns a total of seven storage facilities. The new Wynwood acquisition was the company’s first Florida location. However, this is not the only art company to open spaces in Florida. In fact, more than a handful of New York art sellers expanded to South Florida last year. Miami is evolving, and as the art scene expands, more and more companies will probably follow.
Read more: https://www.miamiherald.com/news/business/real-estate-news/article250906014.html
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