A prominent real estate development firm has secured a substantial $76.8 million loan to construct a mixed-use development in the vibrant neighborhoods of Overtown and Wynwood in Miami.
More Development has successfully obtained a multimillion-dollar mortgage from JP Morgan Chase for its ambitious project, SoWy. The expansive SoWy site spans nearly eight acres and encompasses 26 parcels across six blocks along 2nd Avenue, between NW 20th and 22nd Street. With approximately 2.5 million base buildable square feet available, the planned SoWy complex will feature versatile indoor and outdoor spaces designed with adaptability in mind, all housed within architecturally unique buildings tailored to the site’s specific location.
According to reports from S. Florida Business Journal, More Development invested an impressive $115.28 million towards acquiring various properties for this project through separate transactions between 2018 and2022.
Wynwood is currently undergoing significant redevelopment as developers replace old warehouses that were once used as factories, wholesalers’ facilities or art studios with modern residential complexes or commercial high-rises.
