As Rick Ross steers into commercial real estate development, he is aiming to build a “city within a city” of his hometown, Miami Gardens.
The rapper and entrepreneur touted his involvement in EnSima, a planned eight-story, mixed-use development with 670 condo units, during a fireside chat with The Real Deal Founder and Publisher Amir Korangy on the second day of TRD’s Miami Real Estate Forum.
The project represents a homecoming for Ross, and a step into large-scale development for an entertainer whose property holdings include estates in Georgia and on Miami Beach’s Star Island.
“Let’s reshape the future the way that we all imagine to live,” Ross said. “Let’s be a part of that.”
EnSima, which will include 165,000 square feet of retail, is planned on a site near Hard Rock Stadium and Miami International Autodrome. Ross joined the development team in July, partnering with EnSima Miami I, led by Shalom Arik Maimon, Ali Yesil, David Shapiro and Lior Suchard.
Italian firm Pininfarina, known for its work with Ferrari, is heading the design team. TerraForm Development was tapped to lead construction.
Ross described his partners as “excited, energetic young geniuses.” He said EnSima would launch in 30 days, though he did not specify what that milestone would entail. A construction start date remains unclear.
“We’re possibly the future of the entire city,” Ross said.
For all the expansive rhetoric, some details remain unresolved, including the size and structure of an affordable housing component.
“There will be affordable units,” Ross said, adding that affordability came up early in discussions with his partners because Miami Gardens residents are being forced out.
Previously advertised prices for condos on EnSima’s website included $450,000 for a 650-square-foot one-bedroom and $580,000 for a 900-square-foot two-bedroom. Ross did not explain how the affordable units would fit into that offering or who would qualify.
Ross was arrested on domestic abuse charges last month. A charge of felony strangulation was dropped, but he is still facing a charge of misdemeanor domestic violence.
Ross told Korangy that he joined the EnSima team based on trust between him and his partners, as well as the opportunity to invest where he grew up.
He said he passed on earlier offers before finding partners whose ambition matched his own. Introductions through mutual friends led to conversations about EnSima’s vision and, ultimately, his decision to participate.
“It’s very rare that I come across something that’s so powerful, so ingenious that I say I cannot let this go,” he said.
He characterized the investment as “major,” without disclosing its size or his ownership stake.
Ross drew a distinction between his celebrity and his development expertise.
“I love to let the experts do what they’re best at,” he said. “I’m still a student when it comes to this level of development.”
His contribution includes relationships built through decades in Miami, which he said could help bring potential collaborators and investors to the table.
Ownership, meanwhile, has long been part of his business strategy. Ross paid $37.5 million for a waterfront Star Island estate in 2023. He also bought former heavyweight boxing champion Evander Holyfield’s sprawling Georgia estate at auction.
Ross recalled paying about $5.9 million for that property and said its most recent valuation approached $40 million.
“I was always fascinated by real estate,” he said. “I was always fascinated with ownership.”
EnSima joins a broader development push in Miami Gardens, where other proposals include a $1 billion-plus mixed-use redevelopment of Florida Memorial University’s campus and MAS AJP’s planned residential, retail and industrial project.
For Ross, the attraction is both local and commercial.
“I feel like the time is perfect,” he said. “I believe Miami is the hottest spot in the world to make these moves.”
