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More Development, an international real estate development company based in Miami and Nassau, The Bahamas, has closed on a $76.81 million loan for SoWy, an upcoming mixed-use development located within Wynwood and Overtown just north of Downtown Miami featuring hospitality, residential, arts, retail and office. JP Morgan Chase served as the lender, it was announced recently by Whitney Thier, More Development president.
The nearly eight-acre SoWy development is comprised of 26 parcels across six blocks situated along NW Second Avenue between 20th and 22nd streets to the east and southeast. The development site encompasses nearly 2.5 million base buildable square feet before Live Local Act considerations.
Initial plans call for SoWy’s urban mixed-use neighborhood to feature flexible and adaptable multi-use indoor and outdoor spaces in site-specific architectural buildings. SoWy also will include residences, integrating living spaces with the dynamic, creative environment of SoWy that will be built with sustainability at the forefront of its design.
More Development, which maintains an office within the SoWy development, aims to stay faithful to Wynwood and Overtown’s unique cultural and artistic vibe, ensuring that SoWy integrates seamlessly with the neighborhoods’ dynamic atmosphere.
“More Development values artistry, craftsmanship and history, and we were drawn to the soul and rich history of the area. With financing in place, we are ready to realize the initial phase of our plans to invigorate the neighborhood with a new vibrant environment where people can live, work, shop, dine and play in a pedestrian-friendly and art forward setting,” Thier said.
“We are eager to be a part of the community and are fully committed to preserving and enhancing the area’s distinctive character and contributing positively to its ongoing evolution. SoWy will build upon Wynwood and Overtown’s unique culture that attracts a diverse mix of residents of all ages and backgrounds,” Thier added.
Known for its vibrant street art, trendy galleries, and eclectic mix of shops and eateries, Wynwood has seen significant growth in recent years. According to the Wynwood Business Improvement District, during the past decade Wynwood has experienced an exponential increase in visitors, with the number rising from 240,000 in 2013 to a staggering 15 million annually in 2023.
Steeped in a rich history of culture, Overtown is recognized for its historical significance and vibrant African-American heritage. Once dubbed the “Harlem of the South,” Overtown has been a cultural hub for music, arts, and community gatherings. The neighborhood is home to historic landmarks such as the Lyric Theater and hosts numerous cultural events celebrating its legacy. Overtown was once the preeminent and is the historic center for commerce in the Black community in Miami and South Florida.
More Development has developed more than seven million square feet of mixed-use property throughout the world. More is best known as the visionary developer behind Baha Mar, one of the largest, most successful resort destinations in the history of The Bahamas, spanning 1,000 acres on Cable Beach, with three luxury hotels and more than 30 restaurants, bars, and lounges, an 18-hole Jack Nicklaus-designed golf course, 10 swimming pools, a world-class spa, and the largest casino in the Caribbean. Baha Mar is a testament to the vision and work of the team’s principals and executives.
More recently completed and opened Arev St. Tropez, a bespoke luxury hotel in the French Riviera, which is the first of the Arev Collection luxury hospitality brand, which creates beautiful places where people meet to live, love and escape. The firm is currently developing Mahogany Hill, a collection of luxury condominium residences on 10 lushly vegetated acres in the Lyford Cay area of Nassau, The Bahamas.
For more information, visit https://www.moredevco.com.
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