Magic City Investors Pay $3M to Little Haiti Revitalization Trust

Miami Mayor Francis Suarez announced Tuesday that investors behind the Magic City Innovation District project paid $3 million to the Little Haiti Revitalization Trust to support neighborhood revitalization. The announcement, first reported by WPLG Local 10, comes as the 8.5-million-square-foot mixed-use complex nears key milestones in Little Haiti and Little River neighborhoods, bounded by NW 29th Street, NW 2nd Avenue and the rail lines. The project, led by Plaza Equity Partners, Lune Rouge and investors including Bob Zangrillo of Dragon Global, envisions luxury residences like the 25-story Sixty Uptown Magic City tower designed by Arquitectonica, along with retail and entertainment spaces. Developer Neil Fairman noted in a Magic City District statement that the team hopes for federal Opportunity Zone program renewal and expansion, as the 18-acre site falls within a designated zone. Ownership records filed with the City of Miami in 2016 show Magic City Properties II LLC controlling the development, with Zangrillo's stake nearing 49% after acquiring Tony Cho's 15% interest in 2022, per city filings. The $3 million payment addresses community concerns over gentrification in Little Haiti, a historically Haitian enclave. The Little Haiti Revitalization Trust, established via city resolution, directs funds toward housing, cultural preservation and small business support near landmarks like the Little Haiti Cultural Center at 212 NE 59th Terrace. No specific allocation details were released in Suarez's statement or the city's press release on miamigov.com. As South Florida grapples with an 11,000-acre Everglades wildfire degrading air quality, this investment underscores resilience efforts amid environmental pressures. Miami-Dade County air quality monitors at NW 79th Street and 2nd Avenue urge Little Haiti residents to limit outdoor activity and use N95 masks if sensitive to smoke. The payment arrives as developers eye Opportunity Zone incentives amid federal infrastructure funding from the recent $2 trillion Senate bill, potentially aiding project timelines.