Transformative $3 Billion, 63-Acre 'Little River District' Led by SG Holdings Approved Paving Way For Miami's Largest Affordable Housing Development

The Miami-Dade County Commission has granted final approval for SG Holdings’ Little River District, a transformative $3 billion, mixed-use development that will redefine the urban landscape of Miami’s underserved Little River and Little Haiti neighborhoods. Spanning 63 acres, the large-scale project aims to build more than 5,700 affordable and workforce housing units, alongside major big-box retail stores, small businesses, major grocery operator, green public space, and transit infrastructure with the addition of a new train station, marking a historic investment in Miami’s future.

Led by SG Holdings, a joint venture comprised of Swerdlow Group, SJM Partners, and Alben Duffie, the partnership stands at the forefront of affordable housing development, following its successful delivery of the 1.5 million-square-foot, mixed-use development Sawyer’s Walk featuring 578 affordable senior housing units in Miami’s historic Overtown neighborhood.

The Little River District project is considered the largest affordable housing development in Miami-Dade County’s history. It will feature 2,284 affordable housing units at an average 60% Area Median Income (AMI), 1,398 workforce rental units at up to 120% AMI, in addition to 2,048 potential workforce condo units, which would allow the buyers to obtain significant subsidies to meet the purchase price at up to 140% AMI, ensuring long-term housing stability for thousands of Miami-Dade residents. Current residents of existing public housing complexes situated within the development site are guaranteed the right to return to new units at Little River District with no increases in rent.

This transit-oriented project is made possible through immense private and public sector collaboration led by the development group SG Holdings along with public sector partners: Miami-Dade County’s Department of Housing and Community Development (HCD), U.S. Department of Housing and Urban Development (HUD), the City of Miami, and key local officials such as Miami-Dade Mayor Daniella Levine Cava, County Commissioner Keon Hardemon, and City of Miami Commission Chairwoman Christine King.

“This approval is a major milestone in addressing Miami’s critical need for affordable and workforce housing,” said Michael Swerdlow, Founder and CEO of Swerdlow Group. “At a time when population growth is fueling demand for housing and everyday services, the Little River District will deliver a community that prioritizes affordable and quality housing, accessibility to public transit, and economic opportunity for local residents and business owners with the goal of generating prosperity for the highly deserving communities of Little Haiti and Little River.”

Given that portions of the 63-acre site are owned by the County, the public-private partnership paves the way for this comprehensive housing-led development plan that includes leveraging federal tax credits to support affordable housing and collaborating with Miami-Dade under a Community Benefits Agreement (CBA) to drive local hiring and community investment. The Little River District project is set to create hundreds of jobs during construction and after, stimulating the local economy and supporting businesses within the area. With a half century track record of responsible development, SG Holdings remains committed to working with construction partners who uphold labor standards and prioritize job site safety during the course of this multi-year project.

Designed by renowned architecture firm Arquitectonica, the mixed-use and mixed-income housing development will also introduce more than 370,000 square feet of retail space, including commitments already secured from major retailers such as Home Depot and BJs. In addition, the project will feature a major supermarket, gas station, food and beverage options, and other essential retail services for the neighborhood. About 250,000 square feet of publicly accessible green space will span the project, fostering a walkable and sustainable urban pedestrian-friendly environment with improved pedestrian walkways, enhanced landscaping and beautification, bike paths and shuttle service for residents.

The Little River District will also prioritize transit accessibility with a planned new Tri-Rail train station, representing a significant $35 million investment being made by SG Holdings in Miami’s public transportation network. This development will reduce congestion, improve accessibility, and foster better connectivity within the project site and the broader urban core.

The residential communities planned within the affordable and workforce housing component will feature amenities including swimming pool, computer lab with printer access, fitness center, outdoor recreation space for children, bike parking, green outdoor space with pavilions and walking and bike paths, free Wi-Fi in common areas, onsite-property management, gated parking lot with restricted access, generators for the community spaces, and security cameras with car plate readers. In addition, the high-quality residences will include in-unit washers and dryers, granite countertops, dishwashers, refrigerators with ice makers, central air and smart fan systems, electric water heaters, tile floorings, and complimentary high-speed internet for three years.

Additionally, the major redevelopment is going to generate significant job creation locally. Approximately 3,840 jobs will be generated during the project’s construction and another 518 permanent positions once delivered. The impactful project will prioritize local hiring preferences for both the construction and permanent jobs, including low-income and public housing area residents. Also, the County will reap approximately $9.5 billion through this project – the largest revenue sharing pact of this kind in the County’s history. The County could use these revenues to support its efforts to address the affordable housing crisis in Miami-Dade and invest in community development, inclusive of supporting small businesses.

Construction is expected to begin in 2026, with a projected development timeline of eight years. Once completed, the Little River District will stand as a model for large-scale, community-driven redevelopment centered on creating affordable and workforce housing, exemplifying how public-private collaboration can drive meaningful, long-lasting transformation in an urban setting.

One Of The Largest Multifamily Portfolio's Assembled In Miami's Little Haiti Trades For $11.6 Million In Off-Market Transaction

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. The transaction was overseen by DWNTWN Realty Advisors Executive Skyler Marinoff who represented both the buyer and seller in the off-market transaction. City National Bank provided acquisition financing to the buyer which closed on July 23.

“I am thrilled to complete this transaction, which underscores our firm’s creativity, strong relationships and role as a market leader,” Marinoff said. “Little Haiti is seeing significant multifamily investment activity in conjunction with the neighborhood’s overall expansion. Large-scale development in the pipeline for Little Haiti and surrounding neighborhoods will further fuel investor interest.”

Magic 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).

Avra Jain and Dragonfly Investments Buy Another MiMo Motel

A partnership between Avra Jain and Dragonfly Investments, called Gold Dust 7700 LLC, just purchased a motel in the MiMo District – not far away from the Vagabond Hotel, also owned by Jain. Property records show they paid $6 million for Motel Blu at 7700 Biscayne Boulevard, a two-story, 60-unit building next to the cabaret nightclub Gold Rush. The deal breaks down to $100,000 per room.

Jain wrote that she and Dragonfly planned to enhance and renovate the hotel, and to modernize its name: Gold Dust. The partners financed the acquisition with a $5.5 million dollar loan from Continental Bank. Jain has been credited with leading new investment and preservation in the MiMo District, where she also restored the Vagabond Hotel and South Pacific Motel.

Jain says she was attracted to the aesthetics of the neighborhood and the historical designation many buildings have. Unlike many developers, she considers her local environment thoughtfully when investing to avoid disrupting residents who want to preserve the residential sentiment of their community.  

"Sense of place is created by the people there, not the developers, so it's developers' responsibility to keep the placemakers around. I’m really sensitive to that," she says. Her restoration plans aim to improve existing structures, instead of capitalizing on a higher-density project. Despite the opinion of many residents that the city favors developers, many attempts of going vertical have not approved in MiMo.

MiMo refers to Miami Modern Architecture, a local style of architecture that advanced in South Florida throughout the post-war period. It is known as a playful response to the international architectural movements, that embraced the climate and booming resort industry in Miami at the time. MiMo’s themes of glamour, fun, and material excess can be observed in the Design District, Miami Beach, and Biscayne Boulevard.

Article by: Katya Demina & Stephanie Warren

Investment Spotlight: Reinvigorating Miami’s Real Estate with Opportunity Zones

The opportunity zone program is a little-known provision of the Tax Cuts and Jobs Act that could be a powerful economic development tool for designated low-income communities. The program provides tax incentives to developers who invest in these areas, including 427 tracts of land in Florida, 68 of which are in Miami-Dade County. From a policy perspective, it was designed to connect new sources of capital to neighborhoods that haven’t realized economic growth in years.

The provision allows unrealized capital gains from prior investments - including other asset classes like stocks and securities - to be rolled into an opportunity fund to defer taxation. An opportunity fund is created in the private sector and is the first community investment tax incentive vehicle introduced since the Clinton Administration. The notion behind opportunity zones is that the longer the investment is held, the lower the tax burden is. So long as 90% of the investment remains in the community, the capital gains tax is reduced by:

• 10% if the investment is held for five years, or

• 15% if the investment is held for seven years

• Fully exempt if the investment is held for at least ten years

This is an innovative advance for investors to redirect their capital to support low-income communities like Little Haiti with underappreciated value. It’s a generous incentive compared to previous economic development programs because there is no government intermediary to approve projects. Now the question of intent remains: will investment spillover enough into these neighborhoods or will this just be a chance for developers and investors to cash in?

Germaine Smith-Baugh, CEO and President of Broward County’s Urban League, worries that despite the potential for growth, with investment comes a pattern of gentrification. As property values, rents, and taxes rise, longtime residents can get priced out. “I’m right here on Sistrunk Boulevard,” an economically distressed neighborhood in Fort Lauderdale, said Smith-Baugh. “Folks are buying left and right. The foreign dollars coming in to purchase here — it’s unreal.”

Smith-Baugh hopes the program doesn’t displace local business and residents, and says the solution is to attract the right kind of impact investors, or people who will work with the neighborhoods to create workforce housing and transit. “We would like to see organizations that can aggregate potential projects and make the residents and businesses feel as though they are part of the process,” she said.

In order to qualify, the real estate asset would need to be built or be converted with improvements totaling at least the purchase price of the property. It must also be an active conduct business, meaning the asset can’t simply be a home that appreciates in value over time.

The opportunity zone program is an attractive vehicle for moving capital of scale into low-income neighborhoods with enough parameters to ensure it is being deployed toward economically productive investments that ultimately create jobs and businesses.

Article by: Katya Demina

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. 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, South Florida’s leading real estate brokerage, management and development firm, will handle leasing 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 majority of our team has been working behind the scenes for over a decade, and now, it’s finally a reality,” said Tony Cho, founder and CEO of Metro 1 and a MCID founding partner. “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.”

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. Phase two of the MCID development is the Forest of Curiosities park created in partnership with Lune Rouge, the Montreal-based enterprise founded by Cirque de Soleil founder, Guy Laliberté. The park promotes innovation, creativity and entrepreneurship and will have a central role in the curation and creative direction of Magic City’s arts and entertainment venues. 

“Magic City’s long-term development schedule and unique large-scale format makes the leasing process totally different from what you’d typically see at a new construction project elsewhere in the city. We’re looking for retail partners who not only share our desire to reinvigorate the surrounding community with new energy, but also complement the area’s existing vibe,” said Andres Nava, Vice President of Commercial Leasing at Metro 1. “Finding the right balance can be challenging, but we’re determined to fulfill our promises and create something that will benefit the entire community, not just the development team.”

MCID is also offering short-term lease opportunities, with spaces ranging from 300 SF to 30,000 SF. One of the few large-scale event venues in the City of Miami, these spaces are now available to host local community events as well as large-scale national/international conferences. 

PROFILEmiami, 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. We believe cross-industry collaboration fosters innovation, and that shifting traditional contexts, we can usher in new perspectives. Drawing from multiple pools of knowledge and ways of looking at things will bring novelty and creativity to the table.

At this Crypto Hour, "Blockchain in Real Estate," we will be discussing the different areas of the real estate industry that Blockchain technology can innovate. This includes: Brokers/Agents, Escrow/Legal, Mortgage Brokers, Direct Lenders, Title Insurance, and Deed/Title Registration.

Some of the question you may have that we're going to answer:

• Is it possible to close an RE transaction with Cryptocurrency?
• What would be required for Blockchain to be established in real estate?
• How does the mortgage industry view crypto assets when issuing loans?
• Is Title Insurance going to be a thing of the past?
• Do I have to worry about not having a job in the future?
• And more!!!

A big thank you to our sponsor's and partners who are helping make this all possible:

• 360 Spaces, a beautiful new Co-working space located right in Little River, for their amazing venue!
• Creative Glue, an experiential marketing, and event production agency that aims to bridge the gap between business and creativity.
• PROFILE Miami, who is your one-stop destination for Miami Real Estate news and content. They provide up-to-date coverage on the hottest new developments, market trends, and the coolest homes in Miami's ever-changing landscape.

Also a big thank you to our partners who are going to be keeping us refreshed at this event - Hooch, Wynwood Brewery!

RSVP: bit.ly/360blockchain

Panelists:

• Jorge Guerra Jr. - President for the Miami Association of Realtors
• Hector Garcia - RKTR Agency
• Demetri Demascus - Founder of PROFILEmiami & Investor
• Twinee Villanueva - IHouse Token
• Moderated By: Spencer Lyon - REALDAX

Agenda:

• 6:00 - Check-in / Networking
• 7:00 - Panel Talk
• 7:45 - Q&A

Unique, On-Trend Hospitality Brand Selina Enters U.S. Market in Miami

Selina, a global community of boutique destinations that also provide co-working spaces, local experiences and other recreational offerings, is set to open its first U.S. location in Miami’s Little Havana neighborhood this September. It embodies today's in-demand millennial trends by providing accessible hotel housing, co-working space, and tastefully curated art from the local community. In order to introduce U.S. customers to the brand, Selina has teamed up with local retailer Brothers and Brawlers to launch Selina Brawlers, a concept store in the Wynwood Arts District that will offer a mix of curated goods including eyewear, motorcycles, vintage and modern décor and productsdesigned by Selina’s Creative Director, Oz Zechovoy, and Brothers and Brawlers's Sebastian Ramirez.

Set to open in June, the store will also offer co-working space with complimentary Wi-Fi adhering to the Selina model, which aims to promote gathering and community in a comfortable environment. “Miami was the perfect location for Selina’s U.S. expansion because of the city’s energy and flavor, it’s rich history, mix of cultures, the list goes on,” said Steven Ohayon, Head of Business Development for Selina. “There’s the sand and surf that Selina guests know and love, but also a huge art scene, a growing wellness community and endless things to do. Tourism in Miami is booming, and we’re excited to host travelers and show them a holistic look at the city.”

The store’s concept came to fruition via regular inquiries from guests to purchase items on display in the hotels, which are usually crafted in collaboration with local artists and designers in the region the hotel is located. The brand is currently operating in Latin America and the Caribbean and aims to cater a holistic experience to the adventurous, nomadic traveler. Selina’s hotel will be located in the former Tower Hotel, which is currently being remodeled with local artisans in order to “bring new life to old spaces around the world."

Article By: Katya Demina

Cirque 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 and his Montreal-based company Lune Rouge develops and invests in real estate projects with focus on technology, arts and entertainment. The developers have just applied for a Temporary Use Permit for the 17-acre former trailer park, which, along with 22 other buildings will be redeveloped into a mixed use technology and culture-driven, walkable, live-work-play development. Magic City will include a 30,000 SF Magic City Studios a 15,000 SF innovation center with co-working and start-up accelerator space, an office tower, retail, workforce housing and a hotel. Laliberte will also build a pop-up area with local retail and food options. Magic City Innovation District extends from NE 60th Street to NE 64th Street and east of NE 2nd Avenue. 

"Magic City is an opportunity for us to put all our creativity to the service of entertainment and new technologies,” Laliberte said. “This collaboration will allow us to explore new forms of entertainment and make available multimedia and interactive installations adapted to future Magic City residents and visitors. Lune Rouge is proud to be a partner in this important revitalization project.”

The 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.