A Miami-Dade circuit judge has dismissed a principal piece of a lawsuit that briefly froze a major redevelopment project aiming to bring a Target, other big retail stores & new housing to impoverished Overtown. Following the partial dismissal, developer Michael Swerdlow & partner Alben Duffie announced they have closed on the purchase of the property for the project from the city of Miami’s Southeast Overtown/Park West Community Redvelopment Agency. On Monday, Swerdlow & Duffie said they have secured $25 million in financing for the purchase and pre-development planning, & hope to start construction in early 2021. The partners also said the housing component, originally planned as a mix of market-rate & affordable housing, will now be composed exclusively of affordable housing. Of those 578 affordable units, 85 percent will be earmarked for people 62 & over. Full financing for the $350 million project is pending, a spokesman for Swerdlow said. Read more in the Miami Herald. #mixeduseproperties #multifamily #multifamilyinvestor #multifamilyinvestments #retailleases #retailnews #investor #investormindset #commercialrealestate #commercialagent #elliman #ellimanfl #ellimancommercial https://www.instagram.com/p/CFNLerwppj_/?igshid=1r4nfuzyinxgj
