The Swerdlow Group has topped off Block 55 at Sawyer’s Walk, a 578-unit mixed-use affordable housing development in Miami. Coastal Construction Group serves as general contractor.
According to Yardi Matrix data, financing sources for the project include:
- $25 million construction loan from the Swerdlow Group originated in 2020
- $167.5 million in bond financing issued by the Housing Finance Authority of Miami-Dade County, with Bank of New York Mellon as trustee
- $32.5 million construction loan from the Housing Finance Authority of Miami-Dade County
- $7.5 million construction loan from the City of Miami
The property broke ground in 2020, and is slated to span 1.4 million square feet. Rising 18 stories, the building will incorporate studio, one- and two-bedroom floorplans, along with 180,000 square feet of retail space and 120,000 square feet of office space. All residences will be designated as affordable and will be reserved for low-income seniors. Community amenities will include a fitness center and swimming pool, along with more than 1,000 parking spaces.
A robust commercial component
The commercial portion of the development is fully leased, with the retail space to be anchored by Target. Other tenants comprise Starbucks, CVS Pharmacy, ALDI Grocery and Burlington Department Store, along with restaurants. The office space will serve as national headquarters for a global company.
Located in an Opportunity Zone at 249 NW 6th St., the development site is off Interstate 95 and less than 2 miles from downtown Miami. It also offers access to public transport, being within walking distance of MiamiCentral and Historic Overtown/Lyric Theater stations.
