search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aSterling Bay, JPMorgan at odds with Wells Fargo on $230M Fulton Market debtSterling Bay, JPMorgan at odds with Wells Fargo on $230M Fulton Market debtHousing deal critics spin themselves sillyHousing deal critics spin themselves sillyM&T braces for more loan losses as office default risk risesM&T braces for more loan losses as office default risk rises
South Florida

Miami-Dade OKs Overtown redevelopment

From left: Lyric Theater in Overtown, Don Peebles and Barron Channer
From left: Lyric Theater in Overtown, Don Peebles and Barron Channer

Miami-Dade County commissioners gave the go-ahead yesterday to prominent developer R. Donahue Peebles and Peebles Corp. executive Barron Channer’s plan to redevelop commercial properties in the impoverished, largely black section of Overtown in Miami.

Each team will take one block south of the Lyric Theater, where several redevelopment efforts have failed in the past. Plans call for a hotel, parking, retail and a residential component that will include 60 affordable housing units, the South Florida Business Journal reported. The developers would pay a total of $5.5 million for the land and a total of $1.25 million into a benefits fund to better the community.

Sign Up for the undefined Newsletter

The theater, which was restored in 2000, had been the main venue for musicians Ella Fitzgerald, Patti LaBelle and Sam Cooke.

The Southeast Overtown/Park West Community Redevelopment Agency approved the project last month. Peebles and Channer requested 36 months to finish the project after they break ground. [South Florida Business Journal] — Mark Maurer

Tags
Don PeeblesMiami-dade County CommissionOvertown