CLIENT NEWS: $2.6B project with 5,720 apartments proposed in Miami-Dade
March 12, 2025A company led by developer Michael Swerdlow is seeking a 99-year land lease with Miami-Dade County to redevelop numerous public housing sites in Little River with 5,720 affordable and workforce apartments.
The Miami-Dade County Housing Committee will consider the ground lease with SG Little River Holdings LLC, led by Swerdlow, on March 11. It would require approval from the full County Commission at a later date, tentatively on April 1.
The county issued a request for proposals (RFP) in 2023 to rebuild and expand numerous public housing projects in Little River. Miami-based Swerdlow Group responded to that RFP in 2024 with a major proposal. It wants to combine 35.32 acres of county-owned land with neighboring sites owned by Nashville-based AJ Capital, which would partner with Swerdlow in the project.
Now, county officials and the developer have crafted a land lease agreement and a development program. The public land would have 5,720 apartments (with 2,284 affordable and 3,446 workforce), 370,000 square feet of commercial/office/school, 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. Some of those residential units could be condos at workforce prices (140% of area median income).
In addition, the private land owned by AJ Capital could be developed with 2,100 market-rate apartments and 293,000 square feet of retail, although that would not fall under the land lease with the county.
The public housing sites to be redeveloped currently contain 314 affordable units. The residents could stay on the property and move into new buildings before their existing apartments are demolished, according to the developer’s plans.
The buildings in the deal would be Victory Homes, Newberg, Gwen Cherry 22 and 6, and New Haven Gardens. They are located at 530 N.W. 75th Street, 7101 N.E. Miami Court, 90 N.W. 71st Street, and 7150 N.E. 2nd Ave.
As far as the financial terms of the deal, county staff estimated the payments would total $9.56 billion over the 99-year lease term. That would include $45.8 million in capitalized ground lease payments, annual lease payments of $5.3 million, 30% of the estimated $37.6 million development fee, and 16% of the net proceeds from a sale or refinancing of the property.
The staff memo says the project would cost $2.64 billion to build.
Officials with Swerdlow weren’t available for comment. Miami-based Arquitectonica designed the project.
The development agreement includes commitments to hire local workers and local small/minority-owned businesses for the project. The county would also need to relocate a 20,000-square-foot maintenance warehouse from the Newberg site.
