Three strikes, you’re out: Miami-Dade might repossess Overtown land from CRA
CRA’s ownership hinged on now-unmet construction deadlines
October 28, 2016 02:15PM
The parking lot at 152 Northwest Eighth Street, Don Peebles and Audrey Edmonson
After a development deal with Don Peebles imploded in June, Miami-Dade County is looking to repossess a patch of valuable land from the Southeast Overtown/Park West Community Redevelopment Agency and pursue a new project on its own.
The Miami Herald reported that county commissioners are set to vote Tuesday on whether Miami-Dade will take back ownership of a 90,000-square-foot parking lot at 152 Northwest Eighth Street.
Peebles, CEO of the Peebles Corp., was vying to build a mixed-use project on the land with apartments, retail space and hotel rooms. He terminated that agreement in June after the two parties failed to resolve their issues.
Overtown’s CRA had received the lot and two other properties as a result of a 2013 legal settlement with the county, according to the Herald. The agency’s ownership of the land was pinned on hitting construction deadlines, according to the Herald, which would trigger a reverter clause if not met.
Since no progress has been made, commissioner Audrey Edmonson is pushing for the county to retake the land and find a new developer. The parking lot is zoned T6-24-O, which allows for heights of up to 24 stories and density of 150 units per acre. The property is within walking distance to All Aboard Florida’s upcoming MiamiCentral station. [Miami Herald] — Sean Stewart-Muniz
Source: The Real Deal