Terra Entering Partnership with Developer of Block 55 in Overtown
Developer Terra could soon enter Block 55 in partnership with Michael Swerdlow. On March 16th, Southeast Overtown/Park West Community Redevelopment Agency will vote on altering the deal with Swerdlow to enable Terra an ownership stake.
Swerdlow will keep at least 63% of the project, with the remainder to be held by Terra, the agreement states. The CRA owns the land, and developers have until March 31st to complete the purchase of the property at the latest.
Block 55 was accepted by Miami’s Urban Development Review Board in a meeting last month. Target will be anchored on its ground floor anchor, and other tenants such as Aldi, Ross, Ulta, Burlington, and Youfit should be joining. There will be 355,000 square feet of retail space, about 1,050 parking spaces, and 506 apartment units.
Approximately 154 units, or twenty percent of the residential units, will be reserved for individuals and families earning 50% or less of the Miami-Dade County area median income, according to the developer. 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 with a reduced contract price, along with 1,000 square feet of retail for a CRA supported business, at half the average retail lease price.
The project is groundbreaking soon. Across the street, Block 45 is also planned to break ground. There are 1,122 apartments designed between the two projects.