$76.81 Million Loan Secured for ‘SoWy’ Mixed-Use Development in Wynwood and Overtown

Credit: More Development.

More Development, an international real estate company based in Miami and Nassau, The Bahamas, has secured a $76.81 million loan for SoWy, an upcoming mixed-use development in Wynwood and Overtown, north of Downtown Miami. The loan was announced by More Development President Whitney Thier and provided by JP Morgan Chase. The nearly eight-acre SoWy project spans 26 parcels across six blocks along 2nd Avenue between NW 20th and 22nd Street. Before considering Live Local Act provisions, the site offers nearly 2.5 million base buildable square feet.

Initial plans for SoWy include flexible and adaptable multi-use indoor and outdoor spaces in site-specific architectural buildings. The development will integrate residential spaces within the dynamic, creative environment of SoWy, focusing on sustainability. More Development, which maintains an office within the SoWy site, aims to respect Wynwood and Overtown’s unique cultural and artistic vibe, ensuring seamless integration with the neighborhoods’ atmosphere.

Credit: More Development.

“More Development values artistry, craftsmanship, and history, and we were drawn to the soul and rich history of the area. With financing in place, we are ready to realize the initial phase of our plans to invigorate the neighborhood with a new vibrant environment where people can live, work, shop, dine and play in a pedestrian-friendly and art-forward setting,” said Thier. “We are eager to be a part of the community and are fully committed to preserving and enhancing the area’s distinctive character and contributing positively to its ongoing evolution. SoWy will build upon Wynwood and Overtown’s unique culture that attracts a diverse mix of residents of all ages and backgrounds.”

Credit: More Development.

Wynwood, known for its vibrant street art, trendy galleries, and eclectic mix of shops and eateries, has seen significant growth in recent years. According to the Wynwood Business Improvement District, visitor numbers have risen from 240,000 in 2013 to 15 million annually in 2023.

Credit: More Development.

Overtown is recognized for its historical significance and vibrant African-American heritage. Once known as the “Harlem of the South,” Overtown has been a cultural hub for music, arts, and community gatherings. The neighborhood is home to historic landmarks such as the Lyric Theater and hosts numerous cultural events celebrating its legacy.

Lot 1 Florida Panther. Credit: More Development.

More Development has developed over seven million square feet of mixed-use property worldwide. The company is known for developing Baha Mar, a large resort in The Bahamas with three luxury hotels, 30 restaurants, bars, lounges, an 18-hole Jack Nicklaus-designed golf course, 10 swimming pools, a world-class spa, and the largest casino in the Caribbean. More recently, the firm completed and opened Arev St. Tropez, a bespoke luxury hotel in the French Riviera, and is currently developing Mahogany Hill, a collection of luxury condominium residences in Nassau, The Bahamas.

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1 Comment on "$76.81 Million Loan Secured for ‘SoWy’ Mixed-Use Development in Wynwood and Overtown"

  1. Thomas Manning | June 27, 2024 at 11:21 am | Reply

    Urban development is wonderful, development of undeveloped land is sad. Thank you Urban developers

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