(Miami, Florida) — On Monday morning, Magic City Innovation District – Little Haiti partners (“MCID”) held a press conference with local Miami elected leaders to announce the first major payment of $3 million that will establish the Little Haiti Revitalization Trust, in which monies will go towards affordable housing in Little Haiti, workforce training and other programs for local residents. The payment is the first of several, amounting to $31 million in total, which will be distributed from the Trust. In addition, $9 million of future impact fees paid by MCID will also be allocated to the Trust, making this a historic $40 million donation to the community.
At the press conference, Neil Fairman, Chairman of Plaza Equity Partners and the Managing Partner of Magic City Innovation District – Little Haiti, presented the $3 million check to city leaders, including Miami Mayor Francis Suarez; Keon Hardemon, Miami-Dade County Commissioner for District 3 and former commissioner for Miami’s District 5; and Manolo Reyes, Miami’s District 4 Commissioner.
“We are extremely thrilled to provide this $3 million check to the Little Haiti Revitalization Trust, which is the first of many,” said Neil Fairman, Chairman of Plaza Equity Partners and Managing Partner of Magic City Innovation District – Little Haiti. “The payment to the Trust is part of our promise to empower this vibrant community––to give back and ensure local residents are provided business opportunities, to create meaningful jobs, to build economic prosperity for all, and to preserve the thriving culture of Little Haiti.”
“On behalf of the City of Miami, we are very grateful for MCID’s contribution to the Little Haiti Revitalization Trust, and for their commitment to social justice and creating equity for the community here in Little Haiti,” shared Miami Mayor Francis Suarez. “This Trust will be a huge boon for local residents, helping to enhance the quality of life in the neighborhood– the creation of an innovation district will generate desirable jobs and provide much needed, new opportunities for those in need.”
“This Trust, and the funds that will flow through it to Little Haiti’s residents and community, are part of the vision that we had agreed upon with MCID, and I am happy to see those seeds come to fruition,” said Keon Hardemon, Miami-Dade County Commissioner for District 3 and former commissioner for Miami’s District 5. “It is wonderful to see MCID following through on their promise to be an equal partner with our community. I believe this Trust will help make sure that this project brings economic benefit that reaches everyone in this neighborhood.”
“The Haitian diaspora has achieved success absolutely everywhere they have gone and that holds very true right here in Miami,” shared Manolo Reyes, Commissioner for Miami’s District 4. “My hope and expectation is that the contributions made by Magic City Innovation District – Little Haiti will deliver real affordable housing to the Little Haiti community.”
Magic City Innovation District ® – Little Haiti (“MCID”) is an innovation district focused on technology, sustainability, health and wellness and art and culture. MCID 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. MCID will serve as a new model for future innovation districts and real estate development worldwide.
As part of the development agreement for the project, Magic City Innovation District – Little Haiti worked with city officials, local leaders and organizations to develop the Little Haiti Revitalization Trust ––a fund for affordable housing and other needed physical, social and economic improvements which would be overseen and administered by and for the community.