What’s next for Magic City Innovation District? This project goes vertical in 2022
A high-rise will take shape in Little Haiti’s Magic City Innovation District next year, furthering the evolution of one of Miami’s oldest neighborhoods.
Plaza Equity Partners, Metro 1 and Lune Rouge anticipate breaking ground during early fourth quarter of 2022 on a 25-story multifamily building in the Magic City Innovation District, according to Metro 1 Founder and Chairman Tony Cho. The $1 billion Magic City Innovation District spans 18 acres and will be centered at 6001 NE Second Ave., steps from the community’s artistic hub the Caribbean Marketplace.
The project sparked gentrification fears when it was first proposed three years ago. It gained final approval in January and, in March, the developers made their first $3 million payment to the city to invest it in the Little Haiti Revitalization Trust. The entire project will take 15 years to complete.
“The project is fully approved and entitled,” Cho said. “We’re in the process of designing the new building, which will be fully sustainable.”
The developers filled four existing buildings in the district — one factory space and three warehouses — with retail, restaurant and office tenants. Thus far, Cho said, 90% of the buildings are leased. Come Nov. 30, his team will host a two-day lecture and artwork series focused on sustainable development in the district ahead of Miami Art Week.
“We want to attract conscious capital,” Cho said, “and look at how we’re building our cities.”
Sustainability remains top of mind for Cho, who recently launched Future of Cities, an organization meant to launch and encourage sustainable projects through public advocacy and venture capital support. He joined Mayor Francis Suarez in Glasgow earlier this month for COP26, the United Nations climate change conference.
This story was originally published November 18, 2021 at 6:00 AM.
