Two developers’ deals to build apartment projects on county-owned land breezed through approvals, with plans for a total of nearly 6,000 units.
On Tuesday, in separate actions, the Miami-Dade County Commission voted unanimously and without discussion to approve 99-year ground leases with a Michael Swerdlow-led joint venture and with Related Urban, the affordable and workforce housing arm of Coconut Grove-based Related Group.
Swerdlow and Related Urban, led by Albert Milo, are planning separate mixed-use developments with affordable and workforce units in Little River and Spring Garden, respectively.
Little River District
In the bigger deal, Swerdlow, SJM Partners and Alben Duffie seek to build Little River District, an estimated $3 billion mixed-use project on 63 acres in Miami’s Little River neighborhood with 5,730 apartments; 370,000 square feet of commercial space; 250,000 square feet of open space and amenities; and a new Tri-Rail passenger train station.
Swerdlow and his partners were the sole bidders in a competitive process to redevelop five of 10 existing public housing projects with a combined 314 units completed between the 1950s and 1970s. Residents of the buildings will be relocated to Little River District, a county memo states.
The joint venture agreed to pay the county $5.3 million in annual lease payments, and 30 percent of the estimated $37.6 million developer fee. Should Swerdlow and his partners sell or refinance the development, Miami-Dade would receive 16 percent of the proceeds, a county memo states. Miami-Dade staff estimates the ground lease could generate $9.6 billion to the county over 99 years.
Gallery at Riverwalk
Related Urban is getting a 99-year ground lease allowing the firm to develop Gallery at Riverwalk, a 19-story building with 236 apartments and 1,550 square feet of retail on a vacant 1-acre site at 1175 Northwest South River Drive. The developer is setting aside 216 units for affordable and workforce housing. To qualify for the affordable housing apartments, low income tenants can only make up to 80 percent of the county’s average median income of $79,400.
The county would receive an annual rent payment of $1.2 million, a 16.5 percent share of the project’s annual net operating income and an estimated $4.5 million developer’s fee, a county memo states. Miami-Dade would receive an estimated total of $280.2 million over the life of the 99-year lease.
Last year, Related Urban won a competitive bidding process for the development site, county records show.
