Microsoft has acquired a majority stake in a Miami real-estate development firm, with plans to redevelop it into luxury condos and apartments.
The acquisition of the Miami Development Authority (MDA), which has been in existence since 2007, is valued at $6.9 billion, the company announced in a blog post Tuesday.
The MDA is the largest and most influential developer of affordable housing in Miami-Dade County, and it also manages the Miami Museum of Art.
“Our acquisition of MDA marks a significant step forward for the MDA and a new chapter in our company’s commitment to providing affordable housing to all residents of Miami,” Microsoft said.
“Our commitment to affordability is rooted in our commitment to the city, the region, and our community, and we are proud to be part of the MDE’s team.
We look forward to working with our MDE partners to deliver this opportunity to residents of MDPAs communities.”
The company says it will use the new office space to “support its ongoing efforts to transform the MDPA from a public housing complex into a more vibrant, welcoming community.”
Microsoft said it expects the new space will “provide additional opportunities for growth” for the city.
Microsoft’s move comes as the MPA is currently facing an uncertain future and is in the midst of an ambitious plan to turn a $3 billion, 3.5-acre parcel into luxury condominiums and apartments in a project that’s slated to begin construction this fall.
The developers are also working to develop a waterfront office complex that would be part-owned by Microsoft.