SOUTH REGION
$1.26 Million FCLF financing (2 loans)
3 affordable rental homes
Nonprofit office and community space
"Project Peach will be a fantastic resource in the Overtown community for generations to come. Thank you to the FCLF team, the Knight Foundation, and so many others who have worked together to make this formerly vacant lot a beautiful and affordable mixed-use building." – Laura Weinstein-Berman, Caprock 123, LLC and LW Associates, Inc.
Miami’s Overtown neighborhood is experiencing drastic change and facing new development coming from its southern and eastern borders. New residential and commercial development are resulting in increased housing costs for residents in this area, where over 50% of families live below the poverty line.
With financing from Florida Community Loan Fund, a new mixed-use development in Overtown will provide opportunities for community-based nonprofits with civic uses, as well as three affordable residences. The development is known as Project Peach, which refers to a once prominent, locally owned and operated Cola-Nip Bottling Company which was located near the site. Cola-Nip produced and bottled two popular flavors – Peach Whip and Orange Smile. The project’s name pays homage to the entrepreneurial and community spirit of the former bottling company.
Project Peach will consist of 10,800 square feet across 4 floors. The ground floor’s 2,000 square feet will serve as a “village center” with civic space for local nonprofits. Floors 3 and 4 will include 3 units of affordable rental housing, and the 4th floor will also have 900 sf of space that can be used for community events. The civic tenant will be Catalyst Miami, a nonprofit organization focused on economic and racial justice for low-wealth communities. Catalyst Miami has been organizing alongside Overtown residents to understand their vision for Project Peach, with additional spaces designed to support community entrepreneurs and programming.
The developer of Project Peach is Caprock 123, LLC, an affiliate of LW Associates, Inc. The development is consistent with the vision outlined in the OMNI Community Redevelopment Agency Vision Plan. Additional funding is provided by the OMNI CRA.
Gretchen Bessing, CEO of Catalyst Miami, said: “We are so excited to move into Project Peach! The entire team working on this project has supported the vision of the Overtown residents engaged with us, and we hope Peach will be seen as a welcoming space for our neighbors.”
Florida Community Loan Fund received grant funding from The Knight Foundation targeting three specific Miami neighborhoods, which allowed FCLF to offer more favorable terms to make this project successful.
Pictured above, architectural rendering of Project Peach, which will provide affordable rental housing and space for community-based nonprofits in Miami's Overtown.
