‘Magic’ Johnson, Canyon Partners Return to Miami with Plans for New Walmart-Anchored Center
- Jun 01, 2012
Miami’s Flagler Corridor will soon have a new Walmart-anchored shopping center, as Canyon-Johnson Urban Funds has recently purchased a 32-acre parcel in this respect in an all-cash transaction. The property, the site of a former golf course, enjoys an unusually high amount of frontage on the main thoroughfare of West Flagler Street at the intersection of SW 92nd Avenue.
The site is located in the heart of a diverse neighborhood with extremely high density. Nearly 400,000 residents live within five miles of the site, and more than 250,000 employees work within the same radius.
“Canyon-Johnson is focused on creating job opportunities and revitalizing urban America,” said Canyon-Johnson partner, Earvin “Magic” Johnson. “We are thrilled to be back in Miami and to breathe new life into a piece of land that has been under-utilized for too long.”
Canyon-Johnson Urban Funds plans to develop a 235,000-square-foot neighborhood shopping center on the Flagler site, anchored by a Walmart supercenter with full-service grocery and general merchandise.. Dubbed Fontainebleau Park Plaza, the project has also drawn many other national and local retailers that have shown significant interest in the remaining available space.
With construction set to start in the second half of 2012, leasing assignments have been awarded to Rod Castan at the Courtelis Company.
The Canyon-Johnson Urban Fund is one of the country’s largest private real estate funds, focused on the development of urban properties in under-served neighborhoods. With nearly $2 billion in committed equity capital, the funds are positioned to facilitate more than $8 billion in development and revitalization in major U.S. metropolitan areas.
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