A Miami-Dade developer is seeking a 99-year lease from Miami-Dade County so it can build 5,720 affordable and workforce apartments. SG Little River Holdings hopes to get final approval from the County Commission in early April. Project costs are estimated at $460 million. The address given for the company is that of the Swerdlow Group, a private real estate company involved in a broad range of development, management, leasing and ownership activities.
The public land would have 5,720 apartments (2,284 affordable and 3,446 workforce), 370,000 square feet of commercial/office/school space, a Tri-Rail Station for the potential creation of a local commuter line on the FEC Railway, and 250,000 square feet of green space.
County staff estimated the developer’s payments would total $9.56 billion over the 99-year lease term. That would include $45.8 million in capitalized ground lease payments, $5.3 million in annual lease payments, 30% of the estimated $37.6 million development fee, and 16% of the net proceeds from a sale or refinancing of the property.
Miami-based Arquitectonica designed the project.
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