October 23, 2013
After winning Miami-Dade County approval Tuesday, R. Donahue Peebles/Barron Channer and passenger rail company All Aboard Florida are now tasked with negotiating contracts to develop a pair of blocks near Lyric Theater in Miami’s Overtown.
Commissioners voted unanimously to approve the plans to develop commercial components including retail, with each team taking on one block.
“My partners and I are excited to be closer to realizing our vision for Historic Overtown,” Channer told the Business Journal. “It was one of Miami’s great neighborhoods for much of the city’s history. We plan to spend over $100 million to make it so again with vibrant and affordable spaces for live, work and play near downtown. The soulful character of Overtown is a gem now being rediscovered.”
The projects could be catalysts for more economic investment in a neighborhood whose residents earn some of the lowest salaries in the county. Each project would look to leverage the local labor force during construction and after completion.
The Southeast Overtown/Park West Community Redevelopment Agency approved the dual-project plan on Sept. 12.
The Peebles/Barron Channer group will take the land closest to the Lyric and All Aboard Florida will take the block closest to a 9-acre site to the east where it plans its Miami train station.
The Peebles/Channer project, called Overtown Gateway, plans a hotel, retail, parking and residential component, with the latter including 60 affordable housing units. The All Aboard Florida project will include offices, including the All Aboard Florida headquarters, and retail and parking.
The pair of developers would together pay $5.5 million for the land. The developers would also pay a total of $1.25 million each into a benefits fund over a decade to be used to improve the Overtown community.
The developers are asking for 36 months to complete the project once construction has started.