Here, Crosswinds is working in joint partnership with the city, Miami-Dade County and Overtown Community Redevelopment Agency (CRA). While the city provides the land, the developer foots the bill--which is the first major private reinvestment in Overtown, a neglected, predominantly African-American community, in more than 50 years.

The 1,050 residential units "will be in a mix of seven buildings, ranging from four to 17 stories tall," Crosswinds' Matthew Schwartz tells GlobeSt.com. "Included are 232 live/work townhomes, designed for entrepreneurs and small business people. This will be neighborhood scale," he says, noting that 20% of the units will be priced for families with low to moderate incomes. The 75,000 sf of commercial space includes office, retail, restaurants and entertainment.

Schwartz, now urban development director for Crosswinds, worked for the City of Miami and wrote an Overtown revitalization plan in the 1980s. "The initial plan called for the clearance and acquisition of nine neglected city blocks," he says. Since then, portions, including the nearby Miami Arena, have been developed. Between 1986 and 1987, area developer Ted Weitzel undertook the first residential phase and constructed Poinciana Village, a four-story, 64-unit condo development that Schwartz says, "is quality product that brought middle-income into the area."

Following completion of Poinciana, Weitzel was selected to develop Sawyer's Walk, another residential project on the remaining portion of the four-block site. Disputes between Weitzel and the city soon arose, resulting in more than a decade of suits and counter suits. The sparring ended in late January when the city and CRA approved a settlement under which Crosswinds pays Weitzel $6.5 million for his interest in Poinciana and agrees to convey 50 of its planned residential units to the city. "Those units will be interspersed throughout the project and of the same size and quality of the others," Schwartz says. He credits Mayor Manny Diaz with creating incentives for bringing back former Overtown residents who succeeded and left the neighborhood, and for finding resources to help subsidize residential ownership for people with low incomes.

Schwartz estimates residential units will begin at $130,000 and range to the $300,000s. "Rising construction costs make it difficult to hit the lower number," he says, "but Crosswinds has the experience and know how." Construction will begin in early- to mid-2006, he says. "The agreement calls for a five-year build-out, but we hope to do it in four. There is pent-up demand for housing that is affordable to middle-income earners."

"Crosswinds' vast experience in the redevelopment of urban areas, such as in Detroit, will enable us to hit the ground running in Miami," says Bernie Glieberman, Crosswinds' president. "We are honored to be the firm selected to help revitalize the Downtown Miami area," he adds, noting that development here has "focused on the waterfront and neglected the older residential neighborhoods."

Instant Insights /

City Hands Troubled $220M Overtown Project to Crosswinds

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