A trio of developers acquired a 1.5-acre development site in Overtown where Nichols Architects had designed Workforce Housing. Property Markets Group, Lion Development Group and Lndmrk Development paid $16.5M for 105 NW 11th Terrace in Overtown between Downtown Miami and Wynwood.

Overtown is a historically Black neighborhood that was segregated after its founding in 1896. It has struggled to attract investment but has begun to draw interest from developers in recent years.

The former owner and Nichols Architects won approval for plans for the site in March 2023 that included two residential towers connected by a 505-car parking pedestal with 413 apartments and 23K SF of retail with a seventh-floor pool deck and rooftop amenities, the South Florida Business Journal reported at the time.

Read on at source: Developers Known For Luxury Towers Pay $17M For Workforce Housing Site In Overtown (bisnow.com)