Michael Simkins’ Lion Development, Property Markets Group (PMG) and Alex Karakhanian’s LNDMRK have partnered to purchase Overtown’s Block 19 located at 105 NW 11th Terrace for $16.5 million. The 1.5 acre development site will be a Transit Oriented Development (TOD) with a combination of market-rate and workforce housing apartments, along with parking for residents and visitors. City National Bank has provided an initial $8.25 million mortgage on the property.
As one of the largest property owners in Overtown, Lion Development Group has been a longtime catalyst for growth and vitalization in the area, working alongside the community and partner agencies such as the Southeast Overtown Community Redevelopment Agency (CRA) to reinvigorate the area with the goal of creating a dynamic and walkable urban core, promoting economic advancement and culture-building environments.
“We are proud to bring this new development to life by working alongside community leaders and organizations to enhance the Overtown neighborhood, as well as bolster the growth and economic impact of the area,” says Michael Simkins, CEO of Lion Development Group. “As local business owners committed to the neighborhood, it’s been incredible to see the growth and revitalization of Overtown over the past decade. We believe this development will further invigorate the area and provide additional opportunities for locals and guests alike to thrive through new investment that is dedicated to honoring this culturally significant neighborhood.”
"PMG is looking forward to partnering once again with Lion Development Group and LNDMRK in the collaborative effort to bring the Block 19 project to Overtown,” says Ryan Shear, Managing Partner of PMG. “Our longstanding partnership with Lion Development Group has consistently yielded transformational properties, and Block 19 will be no exception. This development aligns with our vision to develop impactful mixed-use residential projects in Miami and beyond.”
“LNDMRK is very excited to be part of this project alongside Lion Development and PMG,” says Alex Karakhanian of LNDMRK. “Our visions align and we are motivated to bring a project that not only fills a gap in the marketplace, but adds new elements of energy and transformation to the Overtown community. We look forward to moving onto the next phase of development and bringing the neighborhood a project that will set the tone for new buildings in the area.”
Overtown currently hosts a collection of culturally significant businesses and organizations that have thrived with the support provided by the Southeast Overtown Community Redevelopment Agency. The team has a unique vision for the future of Overtown that includes making the neighborhood more walkable and connected to the Downtown core, specifically through Miami-Dade County’s Transit Oriented Development (TOD) area requirements. By incorporating features such as improved walkways, bike lanes, and enhanced roads, among other elements, the initiative seeks to attract residents from neighboring areas while simultaneously enhancing the daily lives of those residing and working in Overtown.