Miami’s Overtown neighborhood was overlooked in the last real estate boom, but residents of the predominantly African-American enclave are hoping that a redevelopment project backed by power couple Don and Katrina Peebles and a new “All Aboard Florida” train station will restore their neighborhood’s middle-class vibe, Curbed Miami reports.
The Overtown Gateway project will include 500 rental housing units, a 150-room hotel, offices, shops, and restaurants and nightclubs, linked by a pedestrian walkway to the train station.
Although Miami’s Community Redevelopment Agency for Overtown approved the project in September, some critics said developers were getting a sweetheart deal that called for them to pay $5.5 million for land appraised at nearly $20 million, the Miami Herald reports. A new deal approved by the county Tuesday calls for developers to pitch in an extra $5 million for the land, and provide $5 million for community improvements, twice as much as a previous proposal. Source: miamiherald.com