Miami-based Morgan Reed Group just purchased a building at the  Wynwood-Edgewater border for $10.7 million that will house “creative office space” and residences, according to The Real Deal.

The building, located at 1900 Northeast First St., was originally a car manufacturing space and, most recently, home to a charter school. It was on the market for $13.7 million from developer Alex Karakhanian.

Currently, the building is just three stories tall and 58,500 square feet. The previous owner, Karakhanian’s Lndmrk Development, secured a height increase of up to 20 stories to maximize the space’s potential. Plans now include up to 500 residential units while remaining compliant with T-6-12 zoning, per The Real Deal. The ground floor will feature office space that Morgan Reed Group will rent out to tenants. The building sits on 43,120 square feet of land and includes a parking lot.

Lndmrk Development paid $6.6 million for the space in May 2016 and originally planned to convert it into a shared workspace. Nearby, Cube Wynwd broke ground earlier in December and announced its first tenant as Spaces, a shared workspace similar to Lndmrk’s original concept.