Terra Partnering On Target-Anchored Block 55 In Overtown, Groundbreaking This Month

Developer Terra is partnering with Michael Swerdlow on the Block 55 project in Overtown that will include a Target. Groundbreaking is soon.

The Southeast Overtown/Park West Community Redevelopment Agency is set to vote on modifying the deal with Swerdlow to allow Terra an ownership stake at a March 16 meeting.

Swerdlow will own at least 63% of the project, with the balance to be owned by Terra, the agreement states.

The land is owned by the CRA, and the developers must complete the purchase of the property from the agency by March 31 at the latest. They have said they plan to break ground this month.

Block 55 was approved by Miami’s Urban Development Review Board at a meeting last month.

It will include a Target as a ground floor anchor. Other tenants include Aldi, Ross, Ulta, Burlington, and Youfit.

There will be 355,000 square feet of retail space, around 1,050 parking spaces and 506 apartment units.

The developer will make available twenty percent of the residential units, or approximately 154 units, to individuals and families earning 50% or less of the Miami-Dade County area median income. The income-limited units will be a mix of studio and one-bedroom apartments.

A 1,400 square foot police substation will also be built at a reduced lease, along with 1,000 square feet of retail for a CRA supported business at half the average retail rent.

Block 45 is also to break ground soon across the street. There are 1,122‬ apartments planned between the two projects.

 

 

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Anonymous

Great catalyst for the immediate area!!

Anonymous

Fantastic project! New shopping for Downtowners, new apartments near transit, and quality units for people who otherwise could not afford it. Love to see this success for everyone involved and the city.

William

I appreciate all these new developments in the area. But you got to wonder, is the purpose of a CRA to provide subsidized housing in newly gentrified areas? A certain portion of the locals will benefit from these jobs and some will certainly like shopping there. But this CRA is selling all the lots for big dollars only to create fresh money flows for subsidized housing?

Azarius

Love this project and it’s location bring more development closer to 95

Azarius

We need more development like this around 14st near the school board and midtown plus park west… mixed used affordable/workforce/market housing options

Anonymous

ALLAPATTAH Por FAVOR!

Anonymous

Love this project. It will draw a lot of people to this part of town and diversify the area. Moreover, it will trigger more development.

Anonymous

Great

Anonymous

I hope they save those trees!

Anonymous

Great building!
Are they knocking down the 4 story building to build a hotel?

Anonymous

Apparently they want to build restaurants at the bottom of block 55 facing Sawyers Walk and the balconies of that 4 story building. Seems like it’s only a matter of time before that building gets turned into more retail, hotel, commercial or residential. As long as its the same design as everything else going up in this area, I think it will be great for the community of Overtown and the accessibility for commuters of Virgin trains and Metrorail

Anonymous

The article didn’t say if the residential units, or approximately 154 units, to individuals and families earning 50% or less of the Miami-Dade County area median income were rental apartments or condominiums.

Anonymous

Still ugly, even for an affordable project by Arqueeftectonica and considering how beautifully Target could have moved into the old Burdines/Macy’s.

Anonymous

Shut down the passenger port and MIA.

peej

They’re building 355,000 sq ft of Retail, and all they could set aside for CRA-supported Businesses was 1,000 sq ft of that? Less than 0.03% of the retail space??

If they’re set to vote for approval of modification on Monday, the CRA should further modify the deal to negotiate a larger portion to be set aside. Given that they negotiated 20% of the Residential space, they can surely do better on the Retail space as well.

Anonymous

Hideous.