Magic City, a Vision of Renovation and Innovation
The Magic City Innovation District, which aims to transform a low-height section of Miami’s Little Haiti into a high-rise mixed-use district for technology firms, has increased the density of the proposed project to 7.79 million square feet. The first part of the project is still in progress but will be opened and available to tenants in early September – as indicated by the developer, Tony Cho.
The 17.7-acre spectacle will require gut-renovating many of the 21 commercial buildings that are in the Little Haiti and Little River neighborhoods in Miami. The entirety of all of the spaces available will range from 300 square feet to 14,000 square feet, and commercial rents will probably average around $25 per square foot according to Tony Cho. Of course, since tenants are needed, Metro 1’s Andres Nava is in talks with people regarding food and beverage operators, retail personnel, and with other kinds of tenants.
When it was originally proposed, the Magic City Innovation District was envisioned as 2,490 apartments, up to 432 hotel rooms, 1.76 million square feet of office space, 313,000 square feet of retail space, and 5,547 parking spaces. The maximum height would have been 28 stories.
The new plan includes 2,630 residential units totaling 2.64 million square feet, 2.21 million square feet of office space, 520,970 square feet of commercial space, 201,600 square feet of hotel space with 432 hotel rooms, 119,610 square feet of expo space, 6,061 parking spaces, and 3.8 acres of civic/open space. The maximum height would be 25 stories, although the extra five stories would only be granted as a bonus if the developer contributes to the city’s affordable housing trust fund.
There is still a long way to go with the first phase, and the following phase calls for ground-up construction, and it is estimated to start sometime within the next year. Mixed build technology and culture-driven development inspire the new build. It could even incorporate a Magic City Studios mainly focused on startups and co-working down the line. This could also lead to other collaborations if successful, such as an office tower or hotel in the future – but that is quite some time from now. Regardless, there are still renovation plans in progress for the Magic City Innovation District.
“The majority of our team has been working behind the scenes for over a decade, and now, it’s finally a reality,” Cho said. “Soon you will be able to walk through Phases 1 & 2 of Magic City and experience how the vision behind the property interacts and attracts a true innovation ecosystem to Miami while preserving Little Haiti’s unique character.”