The Real Deal Miami

Overtown to get $60M in neighborhood upgrades

The money will be used to finance a wave of new development

September 15, 2014 01:30PM

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Overtown

Overtown

Overtown, one of Miami’s most economically depressed neighborhoods, is about to receive $60 million for upgrades.

The Southeast Overtown/Park West Community Redevelopment Agency will use the loan for both renovations of affordable housing and new construction, according to the South Florida Business Journal.

“These funds are a major boost to the CRA and will provide the necessary resources, not just in transforming historic Overtown, but the lives of its people as well,” said CRA Chairman and City Commissioner Keon Hardemon. “It allows us to improve existing housing and construct new affordable housing.”

Specifically, $10 million of the money will be used to renovate of the 263-unit Town Park South and Town Park Village housing complexes. The money will also finance the Plaza at Lyric, which will have 158 units and 8,000 square feet of commercial space; Island Living, an eight-story, 70-unit building; St. Johns Overtown Plaza Apartments, which will have 90 units and 8,000 square feet of commercial space; and Courtside Family Apartments, with 84 units in its first phase. [South Florida Business Journal]Christopher Cameron

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