The joint venture, the Canyon-Johnson Urban Fund, made the deal with locally based Gulfside Development Co. Inc., the developer of the Downtown Dadeland re-urbanization project. This deal marks the Canyon-Johnson Urban Fund's entry into the Florida market.
Downtown Dadeland is being built across the street from Dadeland Mall. The project will consist of 416 condominium units and 125,000 sf of retail space in seven low-rise, clustered buildings. The studios and one-, two- and three-bedroom homes range in price from the mid $100,000s to the low $500,000s. At press time, the project, under construction, was more than 80% sold.
"We are believers in the Downtown Dadeland project and realize the tremendous potential it has to offer," Johnson says in a statement.
Downtown Dadeland wasn't the only project Canyon-Johnson considered in the state. "Downtown Dadeland is a project which clearly meets Canyon-Johnson's goals of providing equity capital for urban redevelopment," says Bobby Turner, co-managing partner of the Canyon-Johnson Fund. "We looked at numerous opportunities throughout the state and are extremely confident that Gulfside Development is the appropriate partner and Downtown Dadeland the appropriate project through which we will enter the Florida market."
Jackson Ward and Stefan Johansson, co-principals of Gulfside Development, indicate in the statement that the partners share a vision: "We share in their vision of furthering the development of urban markets and look forward to working with them in urban redevelopment projects throughout other markets with which Gulfside Development is involved."
Kenneth Lombard, co-managing partner of the fund, adds: "This is an absolute win-win for all. Canyon-Johnson's interest in South Florida is a testament to the maturity and value of our real estate market."
The Canyon-Johnson Urban Fund is a special-purpose, closed-end real estate fund managed by Canyon-Johnson Realty Advisors LLC, a partnership between Canyon Capital Realty Advisors LLC and Johnson Development Corp. The fund's strategy is to identify, enhance and capture value through the development, redevelopment, acquisition and repositioning of urban real estate and the origination of mortgages secured by urban real estate.
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