Miami-Dade County Advances $295 Million Mixed-Use Development Near Liberty City
Miami-Dade County is set to embark on a significant transformation of the Liberty City area, with plans for a $295 million mixed-use development. This project will cover 37.7 acres and is spearheaded by Michael Swerdlow, in partnership with SJM Partners’ Stephen Garchik and Alben Duffie.
Overview of the Development
On Tuesday, an important resolution was passed by the Miami-Dade County Commission housing committee, directing Mayor Daniella Levine Cava to negotiate a public-private partnership for this ambitious project. The site, located at 7200 Northwest 22nd Avenue, includes approximately 24 acres designated as the Poinciana Industrial Center, which will require environmental cleanup efforts.
Historical Context
County officials have sought development in this area for over 40 years. As Commissioner Marleine Bastein, chair of the housing committee and a representative for the region, stated:
“This development has been 40 years in the making. Residents have been asking for this.”
Project Phases and Features
Swerdlow’s vision for the Poinciana properties has evolved significantly since his firm’s initial proposal in 2022. The comprehensive plan now includes:
- 809 mixed-income apartments
- 470,000 square feet of industrial space
- 4,000 square feet of retail space
- A hospitality training center
- A health clinic
Key Financial Details
- Land Purchase: Swerdlow aims to acquire one of the sites for $33 million, with potential discounts based on cleanup costs, according to a recent appraisal by Cushman & Wakefield.
- Affordable Housing Contribution: For the first phase, which includes 155 affordable units for seniors earning 60% of Miami-Dade’s area median income (currently $87,200 for an individual), Swerdlow proposes:
- $5,000 per unit built for the county
- 15% of net cash flow from these units
- 30% of the developer’s fees
For other units, the county would receive $5,000 per unit and 10% of the net cash flow.
Phased Development Breakdown
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Phase One:
- 155 affordable units for seniors
- A 250,000-square-foot warehouse for the Mediterranean Shipping Company.
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Phase Two:
- 110,000 square feet of industrial space
- 175 apartments for tenants earning between 60-120% of AMI.
- Phase Three:
- 479 apartments for residents earning between 40-120% of AMI
- Hospitality training center and retail spaces.
Previous Initiatives and Future Prospects
In a related initiative, the Miami-Dade County commissioners approved a public-private partnership with Swerdlow and Duffie for the Little River District, a $3 billion mixed-use community. This project aims to deliver 5,000 apartments, including over 3,700 units designated for affordable and workforce housing, located between Miami’s Little River and Little Haiti neighborhoods.
As this mixed-use project unfolds, it represents a crucial step towards enhancing housing and economic opportunities in Miami-Dade County. With a focus on creating a vibrant, sustainable community, stakeholders are optimistic about the benefits that these developments will bring to residents.
For further insights into Miami’s evolving real estate landscape, explore articles on Miami real estate trends and the impact of mixed-use developments across the nation.