Overtown’s CRA voted to approved a deal awarding two parcels known as Block 45 and Block 56 to All Aboard Florida and developers Barron Channer and Don Peebles.
Under the terms of the deal, each party will be independently responsible for their own parcels, but will split the $5.5 million payment to the CRA for the land. Each party will have 36 months to begin construction on their land, and will be required to pay $125,000 per year to the CRA for ten years. If either party defaults on payments, it would not void the other’s deal with the CRA.
Peeble’s project, known as Overtown Gateway, will include a hotel and residential component, as well as ground floor retail. Overtown Gateway will also contain 60 low income housing units required by law, relieving All Aboard Florida from fulfilling that requirement.
All Aboard Florida will build office space, parking, and liner retail on their parcel.
Both projects will be linked by a pedestrian walkway and connected to All Aboard Florida’s planned mixed-use station.