HomeMy WebLinkAboutCRA-R-25-0073 Exhibit A _ 4_5ths Notice Block 45_SIGNEDSEOPW Board of Commissioners Meeting
November 20, 2025
THE SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
4/5ths RECOMMENDATION INTER -OFFICE MEMORANDUM
To: Board Chair Christine King and Date: November 20, 2025
Members of the SEOPW CRA Board
Subject: Recommendations
competitive sealed
methods, pursuant to
Block 45, LLC.
From: James D. McQueen Enclosures: Exhibit "A"
Executive Director Exhibit "B"
File:
and findings to waive
bidding and negotiation
Sec. 18-85 and 18-86, for
BACKGROUND:
The Board of Commissioners ("Board") of the Southeast Overtown/Park West Community Redevelopment Agency
("SEOPW CRA") is responsible for carrying out community redevelopment activities and projects within its
Redevelopment Area in accordance with the 2018 Updated SEOPW CRA Redevelopment Plan ("Plan").
Block 45 LLC, a Florida Limited Liability Company ("Grantee"), seeks financial assistance for capital improvements
and project costs related to the mixed -use, mixed -income transit oriented development project, "Atlantic Square." The
"Atlantic Square" complex is an iconic landmark at the crossroads of Downtown Miami's Government Center and
the Historic Overtown neighborhood, providing luxurious residences and amenities to Miami's workforce. This
project consists of 616 apartment homes, of which approximately sixty percent (60%) are designated affordable and
workforce housing for residents, with the remaining number of units available at market rate ("Purpose").
The total grant from the SEOPW CRA to Grantee will not be greater than $10,000,000.00. Further, the SEOPW CRA
will provide an annual payment to Grantee of $750,000.00 for an affordable housing operating subsidy for setting
aside twenty-eight (28) affordable residential units for Middle Low -Income tenants. Lastly, in accordance with City
of Miami Resolution R-24-0109, the Grantee has agreed, in exchange for the Section 5(e) Payment, defined therein,
to provide twelve (12) affordable residential units for Low -Income tenants (collectively, the "Funds").
In furtherance of fostering walkability and economic activity within the Redevelopment Area, it is recommended that
the SEOPW CRA Board authorize the issuance of the Funds to Grantee for the Purpose stated herein. The Executive
Director has reviewed and vetted this historic investment, in accordance with the objectives of the Plan.
RECOMMENDATION:
In light of the above -stated, approval of a waiver of the formal requirements of competitive sealed bidding methods
as not being practicable or advantageous to the SEOPW CRA as set forth in the City Code of Ordinances, as amended,
specifically Section(s) 18-85 and 18-86, and the affirmation of these written findings and the forwarding the same
to the SEOPW CRA Board by a four -fifths vote is respectfully requested.
APPROVED
{
Ja es D. McQueen,
Executive Director