Press Releases
THE CANYON-JOHNSON URBAN FUND AND MFM CONSTRUCTION ANNOUNCE MAJOR INVESTMENT IN MIAMI'S LITTLE HAVANA NEIGHBORHOOD
Nation's premier urban investment fund co-founded by Earvin "Magic" Johnson moves forward with mixed-use project featuring for-sale workforce housing and neighborhood-serving retail
MIAMI - (October 11, 2006) - The Canyon-Johnson Urban Fund is investing for the first time in Miami's Little Havana neighborhood through a partnership with local developer mFm Construction Corporation on a mixed-use development that will bring for-sale workforce housing and community-serving retail stores to this famed 25-block neighborhood enclave located just five blocks from Miami's financial district.
At a press conference in the Little Havana district today, officials from Canyon-Johnson and mFm joined Miami Mayor Manny Diaz, Commissioner Joe Sanchez and students from the Amigos for Kids' After School Program to announce the investment and celebrate the kick-off of the sales effort for the development which will be called Morrison.
Morrison, the largest mixed-use development in Little Havana's history, will provide middle-income individuals and families, including public workers such as firefighters, police officers, nurses and teachers, with the opportunity to affordably purchase a downtown residence and live in the community they serve. Over the past several years, the downtown Miami housing market has seen escalating home prices that have risen beyond the means of the average city employee.
"There is a direct need for affordable workforce housing in Little Havana, and the Canyon Johnson/mFm team is delivering it on scale we didn't think possible," said Mayor Diaz. "This is exactly the type of community-focused investment we are trying to attract to our city."
The majority of Morrison's residential condominiums are priced from the mid $200,000s to mid $300,000s. In addition to the favorable pricing, the developers are working with both Miami-Dade County and the City of Miami in providing down payment assistance and fixed interest rate mortgage programs for qualified buyers - including County and City employees - who earn up to 120% of the Miami-Dade average household income.
Morrison's major equity investor, the Canyon-Johnson Urban Fund, is a joint venture between Canyon Capital Realty Advisors and basketball-legend-turned-urban-entrepreneur Earvin "Magic" Johnson. Based in the Los Angeles area, the Canyon-Johnson Urban Fund is one of the largest private real estate funds in the country focused on the development of urban properties in underserved U.S. neighborhoods. Canyon's local development partner, mFm Construction, specializes in the development of moderately-priced workforce housing. The Miami-based real estate development firm has successfully brought to market ten residential condominiums in Miami's Little Havana district, with several more planned for development throughout South Florida.
"I've worked with a lot of cities, their mayors and other officials," Johnson said, "and few have Mayor Diaz's vision and his gift for bringing people together. The Mayor and the City stepped up big time to help bring workforce housing to city workers and others who love Miami but couldn't afford to live there. With mFm and the Little Havana community, we believe we can make a positive impact in this neighborhood."
According to Andres Asion of Cervera Real Estate, the exclusive brokerage in charge of sales, Morrison will consist of 395 residential condominiums, with pre-construction prices ranging from $240,000 to $380,000 for one- and two-bedroom residences. The mixed-use development will also include more than 30,000 square feet of retail, 34,000 square feet of professional office space, and 667 parking spaces. It is anticipated that retail uses will include a bank branch, coffee houses, drug store, beauty salon and other neighborhood uses. Morrison is expected to open its doors in the spring of 2009.
"We welcome the Canyon-Johnson Urban Funds to our great city, and we're very pleased that Earvin Johnson and Bobby Turner believe in Little Havana and are working with one of the city's finest real estate development companies, mFm Construction," said Commissioner Joe Sanchez, who represents Miami's District 3 and Little Havana neighborhood.
Bobby Turner, CJUF's managing partner, said, "Earvin, our partners and I are believers in Miami. Our investment in Morrison is consistent with our approach to fund value-oriented opportunities in urban America, a largely overlooked segment of the real estate market. We believe in making investments that have tremendous community benefit, and Morrison is no exception. We're helping to facilitate workforce housing, bring quality neighborhood-serving retail and support local community initiatives like Amigos for Kids."
"Along with Canyon-Johnson, we at mFm Construction believe that business leaders have a responsibility to help make our communities the best they can be - in Little Havana and in cities around the country," said Jose Malabet, chief executive officer of mFm Construction. "We are pleased to celebrate the great promise of Morrison. This is a great day for all of Little Havana, as well as for public employees and middle-income individuals, for whom home ownership has been elusive during the run-up in real estate prices."
As part of its investment in the Little Havana community, the joint venture partnership also announced support for Miami-based Amigos for Kids, a nonprofit organization designed to respond to the diverse needs of South Florida's abused, abandoned and less fortunate children and their families, through education, abuse prevention and community involvement. The partnership contributed $20,000 to the Amigos "After School Program," which, in cooperation with Jose Marti Park in East Little Havana, and the City of Miami Parks and Recreation Department, works to help less fortunate children have access to scholastic assistance and mentoring.
Morrison is located at Southwest Flagler Street between Southwest 7th and 8th Avenues in Miami's Little Havana neighborhood. When complete, the development will include two 19-story residential towers atop a seven story parking garage. The fully-finished Morrison residences will come equipped with modern European-style kitchen cabinetry; high-end stainless steel appliances; granite in kitchens and baths; tinted, energy efficient impact-resistant windows and sliding doors; and large, sleek balconies offering expansive bay, river, sunset and Downtown skyline views.
Additionally, when not exploring Brickell Avenue's and Downtown Miami's vibrant entertainment, shopping and cuisine, residents can sweat it out in Morrison's fitness center, retreat to the development's yoga pavilion, or relax in one of two swimming pools. A striking club room, business center and conference room, complete with high-speed wireless Internet access, will also be available to residents. Morrison offers 24-hour concierge services and assigned covered and secure parking.
The Morrison development team includes Behar Font & Partners, a nationally-recognized architecture firm specializing in workforce housing and high-end architecture, planning and interior design [Behar Font also serves as an equity partner in the Morrison joint venture development partnership]; and Cervera Real Estate, the international brokerage in charge of sales and marketing. Ground breaking is slated for early 2007. The Morrison sales center is located at 1795 SW 3rd Ave. in Miami. For more information, call (305) 860-8801, or visit www.MorrisonCondos.com.
About Canyon-Johnson Urban Funds
The Canyon-Johnson Urban Funds (CJUF) are the country's largest private real estate funds focused on the development of urban properties in underserved neighborhoods. A joint venture between Canyon Capital Realty Advisors and Earvin "Magic" Johnson's Johnson Development Corporation, the funds were formed to identify, enhance and capture value through the development and redevelopment of real estate in densely populated, ethnically diverse urban communities. The Funds' objectives are to seek current income and capital appreciation and, in addition to meeting investment goals, the funds are committed to providing for and fostering economic opportunities for the residents of the urban neighborhoods in which CJUF invests. With nearly $1 billion in committed equity capital, the funds are positioned to facilitate more than $4 billion in development and revitalization in major U.S. metropolitan areas. For more information, visit www.cjuf.com.
About mFm Construction
mFm Construction is a full-service real estate construction and development firm led by a team of seasoned principals who bring a combined three decades worth of real estate market knowledge, with expertise in development, construction, banking, sales and finance. For the past decade, MFM Construction Corporation has set the benchmark for the development of moderately-priced workforce housing within emerging neighborhoods throughout South Florida. Visit www.mFmcorp.com.
About Behar Font & Partners
Behar Font & Partners is one of Florida's leading architecture firms specializing in workforce housing and high-end architecture, planning and interior design. Led by founders Robert Behar and Javier Font, the firm brings more than 50 years of architectural expertise for myriad types of projects, such as retail and mixed-use complexes, luxury residential condominium towers and single family home communities and residences, commercial office centers, and religious, governmental and educational facilities. For more information, call (305) 740-5442.
# # #
Media Contacts:
Steve Sugerman or Kristen Coco
310-689-7535
steve@sugermangroup.com
www.sugermangroup.com
Tadd Schwartz or Bianca Palomino
305-442-4914
Tadd@schwartz-media.com
www.schwartz-media.com
