Miami-Dade County Okays Land Lease for Massive Apartment Project

Last week, ConnectCRE reported that Miami-Dade County was considering a measure to approve a group of developers’ request for a land lease to build 5,720 apartment units. The measure passed. The project partners are the Swerdlow Group, SJM Partners and Alben Duffie. The cost of the project is estimated to run more than $2.6 billion.

The project, which will be on public land, was granted a 99-year lease from the County. 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.

The developer’s payments would include $45.8 million in 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. The development group will now be working out its site planning with the City of Miami.