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Magellan Housing and Udonis are partners on both projects!

Cashflow In Miami
March 31, 2021

The development, known as Wynwood Works, will receive city-owned land worth $6.5 million at 2035 North Miami Avenue to build the project, plus a $9 million cash grant from the Omni CRA that will go toward its construction.

The project will have 104 units of mixed-income apartments and 6,711 square feet of retail.

When completed, Wynwood Works will have a total value of $35.9 million, Omni CRA executive director Jason Walker told city commissioners. In addition to being a mixed-income apartment building, Wynwood Works will also share 45 percent of the annual rent payments derived from the ground-floor retail spaces
In addition to submitting the .

Works proposal, the Magellan/Haslem joint venture last year secured approval from North Miami’s city council to build a mixed-use project with 134 apartments and a 10,000-square-foot commercial building on city-owned land at 13780 Northeast Fifth Avenue. The partnership agreed to pay $1.5 million for the land and would spend another $1.75 million to remediate soil pollution at the city-owned site, a government-designated brownfield with high levels of arsenic, ammonia and pesticides.

Haslem, a three-time NBA champion with the Miami Heat and the longest tenured member of the team, jumped into real estate development in 2019.. He formed Haslem Housing Ventures, which is focused on building attainable housing for low-income and working class residents of Miami-Dade County.


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