City officials in Miami will negotiate the terms of a $130.5 million mixed-use development in Miami’s Overtown area that a group led by developer Michael Swerdlow would build.
A company affiliated with Swerdlow Group submitted the winning bid to develop a 3.4-acre site at 249 Northwest 6th Street owned by the board of the Southeast Overtown Park West Community Redevelopment Agency (CRA).
The board of the CRA on Thursday unanimously voted to negotiate a development agreement with the affiliate of Swerdlow Group, Downtown Retail Associates LLC.
The development agreement may include proposed financial terms that would require Swerdlow Group to buy the 3.4-acre site from the CRA for $15 million and to convey ownership of 8,500 square feet of first-floor retail space to the CRA, which Swerdlow Group valued at $3 million.
Swerdlow said he is hoping to negotiate a development agreement with the CRA within 60 days for a project called Sawyer’s Landing, which would include 115 residential units priced for working-class residents and 220,000 square feet of space for tenants that operate retail stores and entertainment venues, plus a parking garage with 968 spaces.
Designed by Kobi Karp Architecture and Robin Bosco Architects & Planners, Sawyer’s Landing would have two sections, one 12 stories tall, the other eight stories tall. [South Florida Business Journal] – Mike Seemuth