A trio of developers are betting on demand for apartments in Miami’s Overtown neighborhood.
Michael Simkins’ Lion Development Group, Property Markets Group and Alex Karakhanian’s Miami-based Lndmrk Development scooped up a 1.5-acre development site at 105 Northwest Eleventh Terrace, according to the buyers’ news release. They plan a multifamily project with market rate and workforce units on the site, which is five blocks north of the Brightline station.
The development firms paid $16.5 million for the property, and scored an $8.3 million mortgage, the release says. City National Bank is the lender.
Records show the seller, RNG Overtown, is led by Mitchell Newman of Morganville, New Jersey.
The buyers have not hammered out project specifics such as the unit count and height, according to their spokesperson.
The deal marks Simkins’ continued investment in Overtown, and points to development creeping into the historically Black neighborhood. In recent years, nearby downtown Miami and Park West areas have morphed into a canyon of high-rises.
Simkins started investing in Overtown over a decade ago with the $3.6 million purchase of 10 lots north of the Brightline station. In 2020, he paid $5.2 million for 13 lots near 226 Northwest 10th Street in Overtown.
E11even Partners, led by Simkins, Marc Roberts and Dennis DeGori, and PMG are developing the 449-unit E11even Hotel & Residences Miami at 20 Northeast 11th Street and the 461-unit E11even Residences Beyond at 90 Northeast 11th Street.
PMG, with offices in New York and Miami, is led by Kevin Maloney, Ryan Shear and Dan Kaplan.
Others betting on Overtown include a partnership among Swerdlow Group, SJM Partners and Alben Duffie. This summer, they are expected to complete the 578-unit senior residents low-income housing project Sawyer’s Walk, which will have 175,000 square feet of retail. The development, at 249 Northwest Sixth Street, has 130,000 square feet of offices that were purchased by shipping and cruise company MSC Group for its new headquarters.