A real estate development slated for Miami’s Little Havana neighborhood will have a touch of “magic” due to a $120 million equity investment by the Canyon-Johnson Urban Fund, a Beverly Hills, California-based venture between Canyon Capital Realty Advisors and legendary Los Angeles Lakers basketball point guard Earvin “Magic” Johnson.
“We want to show people that urban America is a place that makes good business sense and that we could be socially conscious at the same time,” Johnson said. “We’ll be able to touch a lot of people with this development, by providing jobs in construction as well as for people working inside the retail.”
The Little Havana development, named Morrison, will rise on a two-acre tract on Southwest Flagler Street between Southwest 7th and 8th avenues in Miami. When complete, it will include two 19-story residential towers atop a seven-story parking garage. There will be 395 residential condominiums, more than 30,000 square feet of retail space and 34,000 square feet of professional office space. The retail and office space will be sold as condominiums rather than leased.
The construction will have a modern flair using multiple colors and glass. The South Florida development is expected to bring retail space to a Miami area that hasn’t seen any major new retail space for about 20 years.
The residential condos at Morrison will range from 685 to 1,500 square feet. Preconstruction prices run from $240,000 to $400,000. The units will come equipped with European-style kitchen cabinets, stainless steel appliances, granite in kitchens and baths, impact-resistant windows and balconies. Building amenities include a fitness center, yoga pavilion, two pools, a business center and concierge service.