Overtown to get $60M in neighborhood upgrades

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

TRD MIAMI /
Sep.September 15, 2014 01:30 PM

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


Related Articles

arrow_forward_ios
From top left, clockwise: Wynwood 28, the Allapattah apartment building, Miami Riverside Center, and the Target-anchored mixed-use project in Miami’s Overtown

Miami board approves 5 major mixed-use, multifamily projects

From top left, clockwise: Wynwood 28, the Allapattah apartment building, Miami Riverside Center, and the Target-anchored mixed-use project in Miami’s Overtown

Mixed-use projects from Swerdlow, Kushner, TSG Group proposed in Miami

Brightline president Patrick Goddard and Park-Line Miami (Credit: iStock)

Brightline launches leasing of apartment towers at MiamiCentral

Sarkis Izmirlian and 295 Northwest 20 Street (Credit: Google Maps)

Billionaire hotelier buys Overtown store for $6M

690 Northwest 13 Street and Francisco Martínez-Celeiro (Credit: Google Maps, Wikipedia)

The final act: Spaghetti western star sells Overtown warehouse for $10M

JP Morgan's announces $5M investment in affordable housing in South Florida at the Black Archives Historic Lyric Theater in Overtown on Wednesday

JPMorgan to invest $5M to build 150 new affordable rentals in South Florida

Marcus Samuelsson and exterior shot of Red Rooster construction (Credit: Getty Images)

Marcus Samuelsson’s Red Rooster Overtown restaurant is almost ready

Michael Tillman and Soleste Grand Central

Overtown Opportunity Zone project snags $55M loan

arrow_forward_ios
Loading...