### Developer Seeks Approval for 5,720 Workforce Apartments in Miami
A Miami-Dade developer is pursuing a 99-year lease from Miami-Dade County to construct 5,720 affordable and workforce housing units. SG Little River Holdings hopes to receive final approval from the County Commission in early April. The project is estimated to cost $460 million. The company’s listed address is that of the **Swerdlow Group**, a private real estate firm engaged in development, management, leasing, and property ownership.
The proposed development on public land includes:
– **5,720 apartments:** 2,284 designated as affordable housing and 3,446 as workforce housing.
– **Commercial and community spaces:** 370,000 square feet allocated for commercial, office, and school facilities.
– **Transportation infrastructure:** A Tri-Rail station, supporting the potential development of a local commuter line along the FEC Railway.
– **Green space:** 250,000 square feet of dedicated open areas.
County officials estimate that the developer’s payments over the 99-year lease period would total approximately $9.56 billion. This includes:
– $45.8 million in upfront ground lease payments.
– $5.3 million in annual lease payments.
– 30% of the projected $37.6 million development fee.
– 16% of the net proceeds from any future sale or refinancing of the property.
The project is designed by **Miami-based Arquitectonica**, a renowned architectural firm.
