Originally Posted on Wednesday, October 11, 2006
Another NBA legend has decided that Miami is the best place to put his money. Los Angeles Lakers star Earvin "Magic" Johnson is part of a group that plans to develop Morrison, the largest condo project ever proposed for Little Havana. Morrison will have 395 units in two 19-story towers. The project is expected to cost $120 Million and Magic will be taking a majority stake in the venture. The purchase is being made by Canyon-Johnson Urban Funds, led by Magic and business partner Bobby Turner.
Despite the slowdown in the Miami condo market the developers say that they are confident the project will be a success becuase it will be priced in the mid-ranges and is close to the Downtown work centers. Most units will cost between $250K and $350K with only 5% required to be put down as opposed to the typical 20%.
This is not Canyon-Johnson's first foray into the South Florida real estate market. The company has projects in Dadeland and Kendall and Johnson has personally invested in Starbucks and Burger King franchises in once downtrodden parts of Downtown Miami.
A map showing the location of the Morrison project,
(To see a larger version click here)
Despite the slowdown in the Miami condo market the developers say that they are confident the project will be a success becuase it will be priced in the mid-ranges and is close to the Downtown work centers. Most units will cost between $250K and $350K with only 5% required to be put down as opposed to the typical 20%.
This is not Canyon-Johnson's first foray into the South Florida real estate market. The company has projects in Dadeland and Kendall and Johnson has personally invested in Starbucks and Burger King franchises in once downtrodden parts of Downtown Miami.
A map showing the location of the Morrison project,
(To see a larger version click here)
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