JV Takes $40M Equity Position in Miami Project

MIAMI-Magic Johnson’s Johnson Development Corp., along with Canyon Capital Realty Advisors LLC of California , has taken a $40-million equity position in Downtown Dadeland, a $140-million mixed-use retail/residential “village” being developed in the city.

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.