The original developer of Baha Mar in the Bahamas has secured a $76.8 million loan to build on eight acres in Miami’s Wynwood neighborhood. More Development, based in Miami and the Bahamas, spent over $115 million assembling six blocks in south Wynwood between 2018 and 2022 for a mixed-use project named SoWy, according to Whitney Thier, the firm’s president.
JP Morgan Chase financed the properties located along Northwest Second Avenue between Northwest 20th and 22nd streets, according to a press release. The development could span nearly 2.5 million square feet and may utilize the Live Local Act, a new state law encouraging workforce housing in development projects.
Recently, several significant Live Local Act projects have been proposed in Wynwood. Developer Sonny Bazbaz applied to build a 48-story, 544-unit apartment tower at 2110 North Miami Avenue under the Live Local Act.
Thier mentioned that More Development’s project is still in the conceptual stage, but it will feature residential, retail, office, hospitality, and arts components. She highlighted the project’s “campus feel” and noted its strategic location bridging Overtown and Wynwood. The financing will facilitate the project’s initiation and support short-term activations, such as local artist murals, marking More Development’s first venture in South Florida.
More Development’s Chairman Sarkis Izmirlian is involved in a $2.3 billion lawsuit against China Construction America, accusing them of orchestrating a fraud leading to Baha Mar’s Chapter 11 bankruptcy in 2015. This case is set for trial in New York in August. Earlier this year, a judge noted evidence of the Chinese contractor sabotaging the resort’s completion, as reported by The Tribune.
Next year, More Development plans to complete Mahogany Hill, a luxury condo development on Nassau’s western end.
“For over 15 years, US Asset Loans have been providing funding to Real Estate investors”
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