One of the largest multifamily portfolios ever assembled and sold in Miami’s fast-growing Little Haiti neighborhood has sold for $11.6 million. Secamar LLC sold Buena Vista Gardens, the 89-unit portfolio at 5601 NW First Ave., to Bowery Properties, led by Thomas Neary.
Read MoreMagic City Innovation District Set To Transform Little Haiti After Receiving Final Approval
Magic City Innovation District (MCID), a 17.7-acre Innovation District in Miami’s Little Haiti and Little River neighborhoods, has received a unanimous final approval from the Miami City Commission. MCID spans 6 city blocks and intends to redevelop the Little Haiti and Little River neighborhoods to create a walkable, campus-like neighborhood where individuals from all demographic backgrounds can enjoy a high-quality live, work, play lifestyle. With an emphasis on technology, sustainability, health and wellness and art and entertainment, MCID will contribute to the economic vitality of the area and enhance the appeal of the community.
Renovations and construction commenced in August 2018 on 17 of MCID’s 21 commercial buildings. The project's first phase of commercial development features 200,000 SF of leasable space spread through several modernized warehouses. Designs for the commercial spaces, which range from 300 to 14,000 SF, are spearheaded by a variety of local design firms, including McKENZIE and ELM Architects. MCID anticipates being ready to receive office, retail and other commercial tenants as early as September 2018. Metro 1 is overseeing lleasing efforts for the 17 spaces, geared toward creative-style tenants that align and shape MCID’s atmosphere and further promote foot and auto traffic throughout the neighborhood. The developers will also contribute $31 million to the Little Haiti Revitalization Trust which will be overseen by the city
When complete, the Magic City Innovation District Will feature 3.8 acres of public civic space, 2.18 acres of landscaped pedestrian promenade dubbed the Promenade du Grand Bois, 2,630 residential units, 1,987,686 SF of office, 101,669 SF of expo space, 432 hotel rooms, 344,538 SF of retail, and 6,081 parking spaces. The first 4 tenants to commit to MCID were revealed in Sprinf 2019 including Diana Lowenstein Gallery, Manmar Entertainment (marketing), Ecovie (recycling start-up), and COOL Creative (advertising).
Construction Underway On Magic City Innovation District As Leasing Of Commercial Space Kicks Off
Magic City Innovation District (MCID), a 17.7-acre Innovation District in Miami’s Little Haiti and Little River neighborhoods, has commenced renovations on 17 of its 21 commercial buildings. The project's first phase of commercial development features 200,000 SF of leasable space spread through several modernized warehouses.
Read MorePROFILEmiami, REALDAX & Creative Glue Present Blockchain in Real Estate On June 28 6-8 PM In Little River
Real Estate is one of the oldest industries in the world with the least amount of true innovation. Blockchain technology, on the other hand, has only been around a few years but has been disrupting industries left and right, including Real Estate.
Read MoreCirque du Soleil Founder Guy Laliberte Joins The $1 Billion Magic City Innovation District Project Coming To Little Haiti
Tony Cho, Bob Zangrillo and Plaza Equity Partners have announced that Guy Laliberte's Lune Rouge has joined as an arts and entertainment partner on the $1 billion Magic City Innovation District project in Little Haiti. Guy Laliberte, who will join as creative director, is the founder of Cirque du Soleil.
Read MoreThe Citadel, Mixed Used Retail/ Entertainment Venue in Little Haiti, to Open Next Year
Little Haiti continues to evolve and develop as the area has really heated up in recent years. The Citadel will be yet another major shake-up to the neighborhood as Conway Commercial Real Estate and Urban Atlantic Group's 60,000 mixed-use development. The project will include a 10,000 SF food hall that will feature over 20 vendors including Stanzione, Bianco Gelato and Smashing Avo's. There will also be a retail mezzanine with a focus on service-oriented retailers, office space/ studio space and a rooftop bar. The Citadel is expected to open in early 2018.
Little Haiti's Proposed 15-Acre Innovation District Dubbed Magic City
A 15-acre site in Little Haiti will be the future location for the proposed Magic City "Innovation District." The project will be a live, work and play style community for "innovators" and entrepreneurs with a walkable "campus-style" neighborhood targeted at attracting retailers and technology companies. The $1 billion project will be initially be self-funded and will be developed over several years and multiple phases. The first phase will include renovating and repurposing an exisiting dilapidated factory on the lot. The existing 170,000 SF of industrial space will be converted to commercial and retail. The Magic City proposal also includes and office tower, amphitheater and residential apartments. Tenants are slated to include The Salty Donut. Magic City is be a collaboration between investment powerhouse Dragon Global and real estate developers Metro 1.