The sooner the Swerdlow Group gets control of Biscayne Landing, the 184-acre former landfill, the better for the City of North Miami, according to the Biscayne Times.
When the deal is complete some time this quarter, Swerdlow will wire $21.5 million to the city, which the Biscayne Times reported would save more than 100 jobs and service cutbacks. Further, he’ll pour $50 million in to cleaning the land and $200 million to develop 800,000 square feet of retail.
By the time the summer of 2014 rolls around, the city will enjoy tax revenue and new jobs from the big-box retailers – such as Lowe’s, Toys R Us and maybe even a Walmart or Ikea – that would surely take space directly behind an existing Target, the Times speculated.
At the nearby Biscayne Landing Oaks towers, Swerdlow Group will soon have a controlling presence in the condominium association, as he will have closed on his deal to buy 160 unsold units in the 383-unit complex. Swerdlow will enhance the community there by bringing a swimming pool, clubhouse and coffee shop to the grounds.
Finally, Swerdlow will develop a mid-market rental complex that should be finished towards the end of 2015. But for all the progress – and profit – Swerdlow generates, the city will reap benefits, too. [Biscayne Times]