MIAMI — SG Holdings has completed leasing at Sawyer’s Walk, a 3.4-acre mixed-use development underway in Miami’s Overtown neighborhood. The project, which will feature retail space, offices and affordable housing for seniors, is set to open this summer.
SG Holdings is a partnership comprising Swerdlow Group, SJM Partners and Alben Duffie. The development team broke ground on Sawyer’s Walk in summer 2021. The development costs were not disclosed, but the Miami Herald reported the price tag hovers around $350 million.
“The anticipated delivery of our mixed-use development will serve as an economic catalyst for Overtown, with the creation of over 1,000 quality jobs, the opening of a new full-service supermarket and mix of national retail stores that will serve the immediate community and surrounding neighborhoods,” says Michael Swerdlow, managing partner of Swerdlow Group.
Sawyer’s Walk will feature 175,000 square feet of retail space. Committed tenants include Target (50,000 square feet), Aldi (25,000 square feet), Ross Dress for Less, Five Below, Tropical Smoothie Café and Burlington.
MSC Group, a global cargo ship line and the world’s third-largest cruise line, purchased the property’s 130,000 square feet of office space with plans to combine its South Florida cruise and cargo operations under one roof. The modern offices will cater to 250 current employees based in South Florida from MSC Cargo, MSC Cruises and Explora Journeys, with the aim to generate 600 direct and indirect jobs over the next three years.
MSC Group is making a $100 million investment with its Sawyer’s Walk offices. The company’s investment will support its cruise division, MSC Cruises, as it prepares to open North America’s largest cruise terminal in PortMiami later this year.
“The relocation of the MSC Cruises North American headquarters to Sawyer’s Walk will significantly contribute to the daytime population that the shops and restaurants will serve,” says Nick Swerdlow, vice president of Swerdlow Group.
Alan Kleber, Tyler Reynolds, Scott Quick, Diego Rodino di Miglione and Shannon O’Hare of Cushman & Wakefield represented MSC Group in the transaction. Greg Masin, also with Cushman & Wakefield, advised SG Holdings.
Atop the commercial space at Sawyer’s Walk will be 578 apartment units designated for seniors earning at or below an average of 60 percent of the area median income (AMI). The apartments will feature studios, one- and two-bedroom layouts. Amenities will include a rooftop swimming pool and sun deck with outdoor seating and grilling stations, as well as a modern fitness center and clubhouse. SG Holdings plans to finance the affordable housing using Low Income Housing Tax Credits (LIHTC).
Sawyer’s Walk will be located at 249 N.W. 6th St., near public transit options such as the Metrorail, Metromover and Brightline. The property will feature an outdoor public plaza with art murals, an outdoor seating area and a dog park, as well as 1,000 parking spaces.
Sawyer’s Walk is a public-private partnership between SG Holdings, the City of Miami’s Southeast Overtown/Park West Community Redevelopment Agency and Miami-Dade County’s Department of Public Housing and Community Development. Commissioners Christine King and Keon Hardemon, who both oversee the Overtown neighborhood, were integral to making the project a reality, according to SG Holdings.
The design-build team includes Miami-based architect Arquitectonica and general contractor Coastal Construction.
— John Nelson