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Home My WebLink AboutCRA-R-26-0001 MemorandumSEOPW Board of Commissioners Meeting January 22, 2026 SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM To: Board Chair Christine King Date: January 15, 2026 and Members of the CRA Board File: 18806 From: James McQueen Executive Director Subject: Accept KREA USA, LLC Response to RFP No. 25-09 for 4th Avenue Affordable Homeownership Development Enclosures: File # 18806 - Backup - Sunbiz File # 18806 - Backup - Sole Response BACKGROUND: A Resolution of the Board of Commissioners ("Board") of the Southeast Overtown/Park West Community Redevelopment Agency ("SEOPW CRA"), selecting KREA USA, LLC, a Florida Limited Liability Company ("Proposer"), as the sole proposer in response to a Request for Proposals ("RFP") No. 25-09, for the disposal of five (5) parcels of property in furtherance of an affordable homeownership housing development project, including 714 Northwest 4th Avenue, 720 Northwest 4th Avenue, 728 Northwest 4th Avenue, 734 Northwest 4th Avenue, and 402 Northwest 8th Street, Miami, FL 33136, containing an approximate total lot area of 21,000 square feet ("Property"), and authorizing the Executive Director to negotiate a Development Agreement ("Agreement") with the Proposer, and directing the Executive Director to present any proposed agreement to the Board for its consideration and, if satisfactory, approval and award, and clarifying that this Resolution is not intended to be an award of development rights or otherwise create any rights whatsoever to the Proposer referenced herein. On October 22, 2025, the SEOPW CRA issued its intent to dispose of property and requested proposals by RFP No. 25-09, for the development of an affordable homeownership project targeting teachers, nurses, and first responders earning between 80% and 120% of the area median income (AMI). The disposal notice and RFP are for a project on an assemblage of SEOPW CRA-owned land of approximately 21,000 SF, located at 402 N.W. 8th Street, 734 N.W. 4th Avenue, 728 N.W. 4th Avenue, 720 N.W. 4th Avenue and 714 N.W. 4th Avenue, Miami, Florida 33136. On November 25, 2025, a sole proposal was submitted by KREA USA LLC ("Proposer"). SEOPW CRA staff has reviewed the sole proposal submitted by the Proposer and found that the response is in line with the intent of the RFP, meets the minimum requirements of the RFP, and is consistent with the Plan. The Proposed Development Project — The Walker The Walker project will deliver 55 affordable homeownership units designed to stabilize the community, enhance local investment, strengthen local business and foster civic engagement. The development is anticipated to feature a mix of forty-five (45) two -bedroom, two -bath units and ten (10) three -bedroom, two -bath units, specifically targeted for households earning between 80% and 120% of the area median income, including teachers, healthcare workers, first responders, and local families. Residents will have access to seventy (70) secured structured parking spaces, including ADA-accessible options, ensuring convenience and accessibility. Estimated monthly costs, inclusive of HOA fees and insurance, will range from $2,000 to $2,500 for two -bedroom units and $2,500 to $3,000 for three -bedroom units. The transaction structure combines SEOPW CRA land participation, Proposer's equity, and construction loan financing to create a sustainable model that prioritizes affordability and long-term community benefit. This initiative promotes affordable homeownership, economic stability, prevention of displacement, and community -rooted investment, offering local families a pathway to remain in their neighborhoods while building equity and security. It is recommended that the Board of Commissioners of the SEOPW CRA approve and adopt the attached Resolution, accepting KREA USA, LLC's response to RFP No. 25-09 and authorizing the Executive Director to negotiate a development agreement with the Proposer for the Purpose stated herein. This Resolution is not intended to be an award of development rights or otherwise create any rights whatsoever to the Proposer referenced herein. JUSTIFICATION: Pursuant to Chapter 163, Florida Statutes, the Southeast Overtown/Park West Community Redevelopment Agency ("SEOPW CRA") is responsible for carrying out community redevelopment activities and projects within its redevelopment area ("Redevelopment Area") in accordance with the 2018 Updated Southeast Overtown/Park West Redevelopment Plan (the "Plan"). Pursuant to Section 163.380 (3)(a), Florida Statutes, the SEOPW CRA is authorized to "dispose of, or otherwise transfer [acquired] property [within the Redevelopment Area] or any interest therein ... to any private person ..." Section 2, Goal 2, of the Plan lists "expand[ing] the tax base using public -private principles" and "creat[ing] viable commercial corridors ... through Public -Private Partnerships," as a stated redevelopment goal. Section 2, Goal 3, of the Plan lists "working with the [public] and the private sector to encourage and create a sound balance of ... affordable ... housing within the [SEOPW] CRA," as a stated redevelopment goal. Section 2, Goal 6, of the Plan lists "[i]mproving the [q]uality of [1]ife for residents [and] creating housing ...," as a stated redevelopment goal. Section 2, Principle 2, of the Plan provides that the "neighborhood ... retain access to affordable housing," as a stated redevelopment principle. Lastly, Section 2, Principle 3 of the Plan provides that there "must be variety in housing options," as a stated redevelopment principle. FUNDING SOURCE: Page 2 of 7 N/a. FACT SHEET: Entity name: KREA USA, LLC. Project Address: Parcel # Address Folio # 1 402 N.W. 8th Street 01-0104-080-1010 2 734 N.W. 4th Avenue 01-3137-028-0010 3 728 N.W. 4th Avenue 01-3137-028-0020 4 720 N.W. 4th Avenue 01-3137-028-0030 5 714 N.W. 4th Avenue 01-3137-028-0040 Scope of work or services (Summary): Accept sole response and authorize negotiation of a development agreement with the Proposer, and the disposition of SEOPW property for the purpose of affordable housing development. Page 3 of 7 AGENDA ITEM FINANCIAL INFORMATION FORM SEOPW CRA CRA Board Meeting Date: January 22, 2026 CRA Section: Approved by: Approval: Executive Director 1/15/2026 Miguel A Valcntin, Tiance Off;cer 1/15/2026 Page 4 of 7 Southeast Overtown/Park West Community Redevelopment Agency File Type: CRA Resolution Enactment Number: CRA-R-26-0001 File Number: 18806 Final Action Date:1/22/2026 A RESOLUTION OF THE BOARD OF COMMISSIONERS ("BOARD") OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("SEOPW CRA"), SELECTING KREA USA, LLC, A FLORIDA LIMITED LIABILITY COMPANY ("PROPOSER"), AS THE SOLE PROPOSER IN RESPONSE TO A REQUEST FOR PROPOSALS ("RFP") NO. 25-09, FOR THE DISPOSAL OF FIVE (5) PARCELS OF PROPERTY IN FURTHERANCE OF AN AFFORDABLE HOMEOWNERSHIP HOUSING DEVELOPMENT PROJECT, INCLUDING 714 NORTHWEST 4TH AVENUE, 720 NORTHWEST 4TH AVENUE, 728 NORTHWEST 4TH AVENUE, 734 NORTHWEST 4TH AVENUE, AND 402 NORTHWEST 8TH STREET, MIAMI, FL 33136, CONTAINING AN APPROXIMATE TOTAL LOT AREA OF 21,000 SQUARE FEET ("PROPERTY"); AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE A DEVELOPMENT AGREEMENT ("AGREEMENT") WITH THE PROPOSER; DIRECTING THE EXECUTIVE DIRECTOR TO PRESENT ANY PROPOSED AGREEMENT TO THE BOARD FOR ITS CONSIDERATION AND, IF SATISFACTORY, APPROVAL AND AWARD; CLARIFYING THAT THIS RESOLUTION IS NOT INTENDED TO BE AN AWARD OF DEVELOPMENT RIGHTS OR OTHERWISE CREATE ANY RIGHTS WHATSOEVER TO THE PROPOSER REFERENCED HEREIN. WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("SEOPW CRA") is a community redevelopment agency created pursuant to Chapter 163, Florida Statutes, and is responsible for carrying out community redevelopment activities and projects within its Redevelopment Area in accordance with the 2018 Updated Southeast Overtown/Park West Community Redevelopment Plan ("Plan"); and WHEREAS, Section 163.380 (3)(a), Florida Statutes, authorizes the SEOPW CRA to "sell, lease, dispose of, or otherwise transfer real property or any interest therein" acquired within the Redevelopment Area "to any private person ... and [to] enter into contracts with respect thereto for [uses]," in accordance with the Plan, "subject to such covenants, conditions, and restrictions, including covenants running with the land" and approval of the SEOPW CRA Board of Commissioners (the "Board"); and WHEREAS, affordable housing, and the lack thereof, is a significant issue in the City of Miami and within the Redevelopment Area, specifically; and WHEREAS, Section 2, Goal 2, of the Plan upholds "expand[ing] the tax base using public - private principles" and "creat[ing] viable commercial corridors ... through Public -Private Partnerships," as a stated redevelopment goal; and Page 5 of 7 WHEREAS, Section 2, Goal 3, of the Plan emphasizes "working with the [public] and the private sector to encourage and create a sound balance of ... affordable ... housing within the [SEOPW] CRA," as a stated redevelopment goal; and WHEREAS, Section 2, Goal 6, of the Plan encourages "[i]mproving the [q]uality of [1]ife for residents [and] creating housing ...," as a stated redevelopment goal; and WHEREAS, Section 2, Principle 2, of the Plan proposes that the "neighborhood ... retain access to affordable housing," as a stated redevelopment principle; and WHEREAS, Section 2, Principle 3, of the Plan describes that there "must be variety in [affordable] housing options," as a stated redevelopment principle; and WHEREAS, the SEOPW CRA currently owns five (5) parcels of land, totaling approximately 21,000 square feet in the aggregate, located at 402 Northwest 8th Street (Folio No. 01-0104-080-1010); 734 Northwest 4th Avenue (Folio No. 01-3137-028-0010); 728 Northwest 4th Avenue (Folio No. 01-3137- 028-0020); 720 Northwest 4th Avenue (Folio No. 01-3137-028-0030); and 714 Northwest 4th Avenue (Folio No. 01-3137-028-0040), Miami, Florida 33136 (the "Property"); and WHEREAS, on October 22, 2025, the SEOPW CRA issued a Request for Proposals ("RFP") No. 25-09 with the intent to dispose of and redevelop the Property for an affordable homeownership development project ("Project"); and WHEREAS, on November 25, 2025, a sole response was submitted by KREA USA, LLC, a Florida Limited Liability Company ("Proposer"); and WHEREAS, upon review, the Proposer's sole response aligns with the intent of RFP No. 25-09, meets the minimum requirements, and is consistent with the Plan; and WHEREAS, the Executive Director wishes to negotiate terms with the Proposer and present a proposed development agreement in furtherance the Project to the Board for its consideration, and, if satisfactory, approval and award ("Purpose"); and WHEREAS, the Board wishes to accept the Proposer's sole response to RFP No. 25-09 and authorize the Executive Director to negotiate terms with the Proposer for the Purpose stated herein; and WHEREAS, the Board wishes to clarify that this Resolution is not intended to be an award of development rights or otherwise create any rights whatsoever to the Proposer referenced herein; and WHEREAS, the Board finds that authorizing this Resolution would further the SEOPW CRA's redevelopment goals and objectives; and NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated herein as if fully set forth in this Section. Section 2. The Board of Commissioners hereby accepts the Proposer as the sole response to RFP No. 25-09, and authorizes the Executive Director to negotiate a development agreement with the Proposer. Page 6 of 7 Section 3. The Board of Commissioners hereby directs the Executive Director to present any proposed development agreement to the Board for its consideration and, if satisfactory, approval and award. Section 4. This Resolution is not intended to be an award of development rights or otherwise create any rights whatsoever to the Proposer referenced herein. Section 5. The Executive Director is authorized' to negotiate and execute any and all documents necessary, for which terms may be amended by the Executive Director, all -in forms acceptable to Counsel, for the Purpose stated herein. Section 6. Sections of this Resolution may be renumbered or re -lettered and corrections of typographical errors which do not affect the intent may be authorized by the Executive Director, or the Executive Director's designee, without need of public hearing, by filing a corrected copy of the same with the City Clerk. Section 7. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND LEGAL SUFFICIENCY: V!,icer. T, Br 'Counsel 1/15/2026 1 The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to those prescribed by applicable State law, City Charter and City Code provisions, as adopted by the SEOPW CRA. Page 7 of 7