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.