A real estate development company closed on a $76.8 million loan to build a mixed-use development in Miami’s Overtown and Wynwood areas.

More Development announced it obtained a multimillion-dollar mortgage from JP Morgan Chase to create SoWy. The SoWy project spans nearly eight acres and includes 26 parcels across six blocks along 2nd Avenue, between NW 20th and 22nd Street. The site offers nearly 2.5 million base buildable square feet. Initial plans for SoWy feature flexible and adaptable multi-use indoor and outdoor spaces, all housed within site-specific architectural buildings.

The S. Florida Business Journal reports that More Development invested $115.28 million in acquiring the properties in separate transactions between 2018 and 2022.

Wynwood has seen significant redevelopment as builders replace warehouses that once served as factories, wholesalers, car repair shops, and art studios with new residential and commercial high-rises.

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