September 16, 2014
A wave of development is set to arrive at one of Miami’s most economically depressed neighborhoods thanks to the Southeast Overtown/Park West Community Redevelopment Agency.
The CRA closed on a $60 million loan from Wells Fargo Bank to finance a host of projects. The money would be used for both renovations of affordable housing and new construction.
“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,” CRA Chairman and City Commissioner Keon Hardemon said in a news release. “It allows us to improve existing housing and construct new affordable housing.”
Among the projects the CRA has in the pipeline:
-A $10 million renovation of the Town Park South and Town Park Village housing complexes with 263 units.
-The Plaza at Lyric, with 158 units and 8,000 square feet of commercial space.
-Island Living, an eight-story building with 70 units and 5,000 square feet of commercial space.
-St. Johns Overtown Plaza Apartments, with 90 units and 8,000 square feet of commercial space.
-Courtside Family Apartments, with 84 units in its first phase.
The CRA said the projects will all break ground before the end of the year.
“These new developments will help to provide density that will drive the demand for goods and services, thereby creating a solid foundation for business and commerce,” CRA Executive Director Clarence Woods, said in a news release.
“With the increase in residents there will definitely be a new increase in demand for everyday items such as milk, cheese and butter, clothes, etc. The opportunity for small businesses and retailers will create an environment where more jobs will now be available in the community.”