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Committee approves contract benchmark extensions for Platform 3750 (Frank E. Shannon Center)
Summary
The committee approved staff’s administrative recommendation to extend construction and project completion benchmarks for Platform 3750 at the Frank E. Shannon Center after the project was completed and leased.
The Housing and Community Loan Committee approved an administrative request to extend contract benchmark dates for Platform 3750 LLC related to the Frank E. Shannon Center project, a completed eight‑story mixed‑use building at 3750 South Dixie Highway.
Housing Development Coordinator Alberto Cacion told the committee the item was purely administrative because construction is complete and the project is leased. He said benchmark changes requested by the borrower move the construction completion date from Jan. 11, 2022, to Oct. 19, 2023, and the project completion date from July 11, 2023, to Sept. 30, 2024, reflecting delays caused by general contractor performance, a contractor default and a surety takeover. Cacion said final certificate of occupancy was obtained Oct. 19, 2023, and project close‑out was completed Sept. 26, 2024.
Cacion also described project financing and affordability: the 191‑unit building includes 79 city‑assisted units, 25 of which are also assisted with HOME funds; the remaining 112 units are market rate. He said the borrower is Platform 3752 LLC, a Florida limited liability company formed for development, and that the project is a joint venture of the Cornerstone Group and the Urban League of Greater Miami.
A motion to accept the departmental recommendation passed by voice vote. Committee members offered congratulations to staff and the project team for the project’s successful completion despite delays.
