Latest Magic City Innovation District News
Jul 28, 2021
Richard Stow/Courtesy LONDON — Mexican fashion and lifestyle brand Caravana has formed a strategic partnership with Cho Ventures, a purpose-driven private office founded by Tony Cho, a businessman who made his fortune with Metro 1, a real estate brokerage, management and development firm based in Florida. Cho is also the cofounder of the Magic City Innovation District in Miami. The project aims to transform 18 acres of industrial warehouses and land in the Little Haiti section of the city into a center for innovation, jobs and creativity. As part of the investment , Caravana will move its U.S. headquarters there alongside other Cho Ventures portfolios by the second quarter of 2022. At the same time, he is the founder and chief executive officer of Future of Cities, a platform for sustainable urban development comprised of real estate investment vehicles, venture capital ecosystems and think tank. Financial details of the investment were not disclosed. But with the backing, Caravana has already opened stores in Miami, Ibiza, St. Tropez and Bodrum this year. It is also developing the bazaar retail concept with Scorpios, a trendy gathering place in Mykonos. A look from Caravana. Courtesy The new alliance will also see the launch of Caravana’s new brand Paro, created by brand founder and creative director Jacopo Janniello and fashion designer Marios Schwab to reflect the spirit of modern Greece, in collaboration with Noema, a newly opened restaurant in Mykonos.