The Historic Overtown Folklife District is within an emerging neighborhood and premier location with excellent opportunities as a Transit Oriented Development. The District area is an assemblage of approximately 25-acres with close proximity to some of the largest employers in the region, to include: two major colleges; major hospitals and a medical research institute; arts and entertainment, sports arena venues within blocks, the Miami Performing Arts Center; along with immediate access to Interstate 95, major roadway arterials, railway facilities and other forms of public transportation.
Redeveloped primarily high-density mixed-use (residential, commercial/retail), the District will evolve as a mixed-income housing community, offering a variety of affordable housing choices, including loft housing for artists, along with attractive ground floor shops and businesses. Education is also part of this comprehensive plan, as the DPI association will also work with local colleges and universities training students in business, architecture, hotel management, historic preservation, and marketing.
The DPI proposed implementation strategy for the community estimates approximately 2,800 housing units, and more than 500,000 square feet of commercial retail to be a viable opportunity. Build-out investment for the proposed redevelopment is estimated at $628 million.
Further, collectively DPI maintains several strategically located properties within the District. In collaboration with developable land-owners, DPI will continue to play a major role in the planning and visioning of this historic community.
The District Partnership Initiative sees this as an opportunity to create a well designed implementation strategy for sustainable community redevelopment that will result in a major investment to include a strong commercial and retail business environment, supported by a healthy combination of market-rate and affordable housing, and improved transit and green space development.