Search
 

JV Takes $40M Equity Position in Miami Project

MIAMI-The Canyon-Johnson Urban Fund invested in Downtown Dadeland, a $140-million mixed-use "village" under construction here. The project will include 416 condos and 125,000 sf of retail space. The project's developer is locally based Gulfside Development Co. Inc.

By Melissa Bogdany | Updated on January 15, 2004

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.