Economic Study Says Magic City to Create 9,000 Jobs

MIAMI, Fla. – Magic City Innovation District submitted a Special Area Plan (SAP) Application to the City of Miami, which includes a positive economic forecast for the neighborhood and surrounding areas.

The Magic City Innovation District will revitalize nearly 17-acres of industrial property located in the Little Haiti neighborhood, while preserving the authentic cultural identity, and create a walkable, campus-like neighborhood that will become a premier destination for innovation, technology, entrepreneurship, entertainment, art, and culture.

The new development will contribute to the economic vitality of the area. Magic City Innovation District is committed to providing the right infrastructure to curate a community of businesses, makers and educators that will develop a powerful, self-sustaining economic engine. To quantify some of the benefits, a leading independent advisor completed an analysis of Magic City Innovation District’s projected economic impact, which can be found HERE and includes:

The creation of more than 9,000 direct and indirect full-time jobs resulting in approximately $536 million in annual wages.
Creation of 870 annual short-term construction jobs resulting in approximately $500 million in wages and expenditures.
$40 million in permit and impact fees.
The District’s future residents, guests, hotel visitors, retail patrons, and office users will spend $173 million in annual expenditures, further stimulating the local economy.
Upon stabilization, the District will generate more than $27 million in marginal property tax and sales tax revenue annually.

While the project will be developed over multiple years, it includes immediate activation and economic benefits to the community. In the near term, Magic City will renovate existing factories, warehouses and buildings into unique leasable spaces for offices, galleries, ateliers, cafes, restaurants, retailers and pop-up shops.

“We are thrilled to contribute to the revitalization and economic vitality of the community and surrounding areas, and look forward to working with the City and community as we proceed through the SAP review and approval process,” said Neil Fairman, Partner, Magic City Innovation District. “It is our intention to create vibrant entrepreneurial and pedestrian-oriented community that will facilitate growth economic while embracing the rich culture that has been thriving in Little Haiti for decades.”

In addition to the economic benefits, the Magic City Innovation District will invest in the community and provide the following public benefits and contributions:

Increased neighborhood connectivity by improving roads and investing in infrastructure within public spaces.
Space for an innovative and high-tech incubator, working with and alongside local entrepreneurs to help grow their businesses.
Preservation and enhancement of the historic culture of the Little Haiti neighborhood, including one of Miami’s oldest structures, the DuPuis Medical Building.
The development of projects and special programs focused on local Haitian and Caribbean art and culture.
A pedestrian-friendly environment that improves the cohesion and walkability of the neighborhood by connecting NE 4^th Avenue and extending NE 3^rd This will improve the circulation of traffic within the neighborhood and alleviate congestion along NE 2^nd Avenue.
A proposal for a public train station along the Florida East Coast Railway situated proximate to the original location of the historic Lemon City train station in Little Haiti.
A commitment to LEED certification for all building construction, in alignment with our vision for sustainable building practices.
A contribution to the local community by providing approximately 3.8 acres of public space, including the development of an approximately 2.18 acre centralized, state-of-the-art public pedestrian promenade

To bring this vision to life, the team behind the project also announced the start of the Magic City Innovation District Foundation to support the economic, social, and cultural prosperity of Little Haiti and the diverse population of people who live and work there. Preserving and celebrating the thriving Caribbean culture of Little Haiti and the surrounding neighborhoods has been a foremost priority throughout the development of Magic City. In the process, they have actively participated in the local community, working alongside organizations that have been serving the Little Haiti population for decades.

Throughout this process, Magic City will continue to work with the Little Haiti community to ensure that the proposal is inclusive and embraces the rich culture that has been thriving in Little Haiti for decades.

About Magic City Innovation District

Magic City Innovation District is an innovation district focused on technology, sustainability, health and wellness, and art and entertainment. Magic City Innovation District is revitalizing the Little Haiti and Little River neighborhoods to create a world-class destination. It will provide Miami a walkable, campus-like neighborhood where individuals from all demographic backgrounds can enjoy a quality life and re-write history on how communities live, work, play and learn together. Magic City will serve as a new model for future innovation districts and real estate development worldwide.

About the Magic City Innovation District Foundation

The Magic City Innovation District Foundation is a charitable fund at the Miami Foundation, a 501(c)3. It is committed to the economic, social, and cultural prosperity of Little Haiti and the diverse population of people who live and work there. In partnership with community leaders, activists, organizations and government entities, the Foundation provides funding and support to programs that benefit the local community and facilitate sustainable growth.

CONTACT: Danielle Alvarez
(786) 586-3989
dalvarez@mercuryllc.com

MAGIC CITY INNOVATION DISTRICT – LITTLE HAITI ®

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Miami, Florida 33137

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