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Old Posted Mar 8, 2018, 2:38 AM
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Weathy developer backs out of project that would have included affordable housing

*Jul 26, 2016

Wealthy developer R. Donahue Peebles has backed away from a deal to build a mixed-use project, which included much-needed affordable housing, in Miami’s Overtown neighborhood, according to reports.

Peebles and local partner Barron Channer signed an agreement in 2013 to lease and develop the Overtown Gateway project at 152 N.W. 8th Street, east of an Interstate 95 exit. The project was planned for a 150-room hotel, 670 apartments and 160,000 square feet of office/retail.

The proposed deal with the Southeast Overtown Park West Community Redevelopment Agency (CRA) required that at least 60 of those apartments be affordable housing. Multiple studies have shown Miami is among the least affordable cities to live in the United States, especially for renters.

The Miami Herald reported that the CRA voted to reopen the competitive solicitation process for the two-acre site on July 25 after Peebles terminated the agreement on June 13. Channer told the Herald that the developer couldn’t come to terms with the CRA to close the deal. Without a deal by November, control of the site would have reverted to Miami-Dade County anyway.