HomeMy WebLinkAboutCRA-R-22-0041 BackupOmni
CnA
July 28*, 2022
Nick Inamdar
Wynwood Works, LLC
c% Magellan Housing, LLC
2100 Coral Way, Suite 405
Miami, FL 33145
Re: Waiver of the CRA Conditions Precedent
Dear Mr. Inamdar:
The Agreement between the Omni Redevelopment District Community Redevelopment Agency
and Wynwood Works, LLC, for Development of Property is dated and effective as of November 24'% 2020
(the "Original Agreement') by and between the OMW REDEVELOPMENT DISTRICT COMMUNITY
REDEVELOPMENT AGENCY, a public agency and body corporate created pursuant to Section 163.356,
Florida Statutes (the "CRA'), and WYNWOOD WORKS, LLC, a Florida limited liability company (the
"Developer". The CRA and the Developer amended the Agreement pursuant to that certain First
Amendment to Agreement dated May 19, 2022, and to that certain Second Amendment to Agreement dated
June 23, 2022 (the "Amendments" and collectively with the Original Agreement, the "Agreement').
Pursuant to Section 12 and Section 16.1 of the Agreement, the Developer originally had 21 months after
the Effective Date to satisfy or have waived by the CRA the CRA Conditions Precedent.
Due to circumstances beyond the Developer's control, the CRA agrees to waive all the Conditions
Precedent, as described in Section 12, until 10 days prior to the Closing Date. The Closing Date is provided
for in Section 13.1 of the Agreement, as amended and as may be further amended in the future.
The waiver of the CRA Conditions Precedent until 10 days prior to the Closing Date will better align the
requirements and dates • and will permit the Developer to construct the Project as provided for in the
Agreement. This is in the best interest of the CRA, is consistent with the CRA's Redevelopment Plan, and
is in the best interest of the residents and businesses within the CRA's boundaries.
Sincerely yours, f,
Humberto Gonzalez
Executive Director
Omni Redevelopment District Community Redevelopment Agency
1401 N Miami Avenue, 21d Floor
Miami, FL 33136
Omni Crnnmunity Redevelopment Agency Alex Diaz De La Portilla, Chairman H. Bert Gonzalez, Executive Dirzcwr
1401 N. Miami Ave. Miami, FL 33136 www.omnicm.com 305.679.6868. 305.679.6870
Wynwood Works - 2043 N. Miami Ave.
A Request for Proposals was posted for development of the Omni CRA-owned half -acre assembly in the
Wynwood BID. The winning project was Magellan Housing's Wynwood Works Project in partnership with
Udonis Haslem and Haslem Housing Ventures, Miami Light Project, the Bakehouse Art Complex, and the
Miami Homeless Trust. Through these partners the project will deliver over 100 income restricted units,
including homeless transitional units, extremely low-income units, 6 designated artist homes set -aside
for local community artists, all the way up to higher -wage workforce units. Modern and attractive
on -site amenities will be available to residents including an open air deck, a community room, and
private offices and co -workspace.
Wynwood Works will be a signature 12-story, green -certified, mixed -income and mixed -use
development. It will be a truly unique, mixed income community, serving residents transitioning out of
homelessness to 140% AMI. An exciting and dramatic example of the success that can be achieved when
the public and private sectors work together to tackle our communities affordable and workforce
housing crisis. The construction of significant deep targeted mixed -income housing on this site that will
seamlessly fit into the neighborhood and will exceed the standards of the City of Miami's Attainable
Mixed Income Housing ordinance, will demonstrate the City of Miami's unwavering commitment to
ensure quality affordable housing for working residents in all its neighborhoods.
Omni Community Redevelopment Agency
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