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.
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Josh Baumgard, Curbed Miami .
