Private developers have plans for a 15-acre “Innovation District” called Magic City in Little Haiti, a collaboration between investment firm Dragon Global and commercial real estate brokerage/developer Metro 1, per the Wall Street Journal.
The goal is to attract a community of innovators and entrepreneurs to live, work and play in a walkable campus-like neighborhood that attracts technology companies and retailers, said Metro 1 President and Chief Executive Tony Cho.
The project is currently self-funded but over time the developers will look for long-term debt and equity partners, they said.
The $1 billion project, which the developers are dubbing “Innovation District,” will be developed in multiple phases over several years with the initial one focused on repurposing existing dilapidated factory space.
Josh Baumgard, Curbed Miami .