With construction for All Aboard Florida’s MiamiCentral project and Miami Worldcenter underway, the blighted neighborhood of Overtown is poised for a boom during the current real estate cycle.
And as gentrification begins to take hold in the area, officials with Miami’s Southeast Overtown/Park West Community Redevelopment Agency say they have work is well underway to make sure the neighborhood has a healthy stock of affordable housing.
Work crews are putting the finishing touches on The Plaza at the Lyric, a mixed-use apartment tower at 919 Northwest Second Avenue that has 158 affordable rental units with one, two and three bedroom apartments. Overtown CRA Executive Director Clarence Woods told The Real Deal the agency was able to provide $17 million in bond financing to the developer, which then used the funds to leverage an additional $28 million to build the tower, which is adjacent to the Historic Lyric Theater in Overtown.