Plans have been revived for the Magic City Innovation District, a $3 billion mixed-use master-planned development spanning approximately 18 acres in Miami’s Little Haiti neighborhood. Led by Dragon Global in partnership with Plaza Equity Partners, the project is planned to encompass approximately 7.8 million square feet of development with more than 2,600 residential units, office space, hotel accommodations, retail, restaurants, and publicly accessible open space. The renewed vision positions the district as a destination for artificial intelligence, technology, finance, and innovation companies while maintaining its previously approved mixed-use development program.
The revival marks the return of one of Miami’s largest entitled mixed-use developments after several years of limited activity. The first phase is expected to include an office campus anchored by Dragon Global alongside a 25-story residential tower containing 349 rental apartments, establishing the initial components of the larger master plan. The development remains entitled under the Special Area Plan approved by the City of Miami, allowing for a phased buildout across multiple blocks in Little Haiti.
Credit: Magic City Innovation District
The overall master plan is designed to create a walkable urban district combining residential, commercial, hospitality, and retail uses. More than 2,600 residences are planned throughout the development, complemented by office buildings intended to accommodate technology firms, venture capital companies, financial services, and other innovation-oriented businesses. Retail storefronts, restaurants, hotel accommodations, and landscaped public spaces are planned to activate the streetscape and connect the various components of the district.
Credit: Magic City Innovation District
The renewed concept reflects Miami’s emergence as a growing center for technology and financial services since the project was originally conceived more than a decade ago. Rather than functioning solely as a mixed-use residential development, the district is now envisioned as an employment center capable of attracting companies operating within the artificial intelligence and technology sectors while supporting surrounding residential and commercial growth.
Credit: Magic City Innovation District
Dragon Global and Plaza Equity Partners are leading the redevelopment effort, with Newmark overseeing office leasing and marketing for the project. The development team has also reaffirmed a previously announced $31 million commitment to the Little Haiti Revitalization Trust, supporting affordable housing initiatives and other community investments within the neighborhood.
Credit: Magic City Innovation District
While construction timelines for the broader development have not yet been announced, the revival of the Magic City Innovation District signals renewed momentum for one of Miami’s largest long-term redevelopment opportunities. Once completed, the 7.8 million-square-foot master plan will introduce a significant concentration of residential, commercial, and employment space to Little Haiti, further expanding the city’s pipeline of large-scale mixed-use developments.
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As Mamdani drives Israeli (tech) companies out of NYC, this development and others like it in Dallas, San Diego will flourish,
Very true