Developers buy land, score $25M loan for Target-anchored mixed-use project in Overtown

Project will include 578 units of housing and 251K sf of retail

Miami /
Sep.September 14, 2020 05:35 PM
249 Northwest 6th Street and Michael Swerdlow (Google Maps, Swerdlow Group)

249 Northwest 6th Street and Michael Swerdlow (Google Maps, Swerdlow Group)

Michael Swerdlow and his partners’ planned Target-anchored, mixed-use development in Overtown is moving ahead, despite ongoing litigation.

The developers, including Swerdlow Group, SJM and Alben Duffie, closed on the land for the mixed-use development at 249 Northwest Sixth Street in Miami, and scored $25 million to finance the purchase, according to a release.

Records show Block 55 Owner, an affiliate of Swerdlow, bought the land from the Southeast Overtown/Park West Community Redevelopment Agency for $10 million.

Charles Penan and Joel Zusman of Aztec Group secured the loan from Sawyer’s Lender LLC. The LLC is managed by Ezra Katz, CEO of Aztec Group, and a company tied to Fort Lauderdale-based Fuse Funding.

The project, on 3.44 acres, will now include 578 units of housing and 251,000 square feet of retail. About 85 percent of the housing will be for seniors 62 and older. The project, dubbed Sawyer’s Landing and sometimes called Block 55, was previously planned to include a mix of market-rate and affordable housing.

The group plans to break ground in the first quarter of next year, according to the release. Target and supermarket chain Aldi have signed leases.

In March, three entities tied to developer Don Peebles sued Swerdlow, his company Downtown Retail Associates, and his business partner Duffie for allegedly sabotaging a previous deal to redevelop the site where the mixed-use development will be built. The case is still listed as open.

Meanwhile, Swerdlow and his partner’s Overtown Gateway Partners are seeking $175 million in damages, including $160 million in alleged lost profits and $15 million from the previously proposed deal between Swerdlow and the Peebles partnership that fell apart. The case is still listed in Miami-Dade Circuit Court as open.

Earlier this year, Swerdlow Group, led by Michael Swerdlow, reportedly lost Terra as a partner on the project.

Other recent downtown Miami deals include the $24 million sale of a 1.15-acre parcel of land at the Miami Worldcenter development site, and $11 million for two units at Zaha Hadid’s One Thousand Museum luxury condo development.





    Related Articles

    arrow_forward_ios
    The lot where the Champlain Towers South once stood (Getty)
    Settlement in Surfside condo collapse now over $1B
    Settlement in Surfside condo collapse now over $1B
    Cabot Properties' Franz Colloredo-Mansfeld with Miramar Centre Business Park (Cabot, iStock) Lease, Logistics
    Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
    Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
    Hussain Sajwani of Damac with Surfside (Wikipedia)
    Damac to buy Surfside collapse site for $120M — no other bidders for property
    Damac to buy Surfside collapse site for $120M — no other bidders for property
    Alex and Yanina Sapir (Getty, Instagram, Illustration by Kevin Rebong for The Real Deal)
    Developer Alex Sapir’s wife files for divorce, citing a “loveless” marriage
    Developer Alex Sapir’s wife files for divorce, citing a “loveless” marriage
    David Arditi with YotelPad (Yotel) Condos, Miami
    David Arditi completes long-delayed YotelPad tower in downtown Miami
    David Arditi completes long-delayed YotelPad tower in downtown Miami
    A photo illustration of the letter unit owners of Champlain Towers South in Surfside sent to the court (Getty Images, iStock)
    Surfside collapse unit owners ask court to up their $83M payout
    Surfside collapse unit owners ask court to up their $83M payout
     E11even's Marc Roberts and Romie Chaudhari with 60 and 90 Northeast 11th Street (Marc Roberts, Abingtonemerson, Loopnet, iStock)
    Puff, puff, pass: Developers win approval for downtown Miami medical marijuana dispensary
    Puff, puff, pass: Developers win approval for downtown Miami medical marijuana dispensary
    Surfside collapse site (Getty)
    Surfside collapse lawsuit reaches nearly $1B settlement
    Surfside collapse lawsuit reaches nearly $1B settlement
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...