Development Brings Affordable and Supportive Housing to Washington, D.C. by Affordable Housing Finance

17 Mississippi Apartments utilizes the local Housing Production Trust Fund and 4% LIHTCs. The article emphasizes our partnership with the NHP Foundation to open 17 Mississippi Apartments, in Washington, D.C. The development offers 41 units, including supportive housing for the homeless and residences for income-qualified artists. Funding of $22.9 million came from various sources, including the D.C. Housing Production Trust Fund and low-income housing tax credits. The project aligns with the city's goal of creating 36,000 housing units, including 12,000 affordable ones by 2025. Additionally, Legacy Chairman, Donahue Peebles III, emphasized the importance of affordable housing for socioeconomic mobility in underserved communities. Read the full article here:
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Donahue Peebles III Shares Insights on Real Estate Development at Congressional Black Caucus Event

The 2023 Congressional Black Caucus event took place on Friday, September 22, at the DC Convention Center. Donahue Peebles III, Legacy’s chairman, was invited to be a panelist at the Congressional Black Caucus event hosted by the National Association of Real Estate Brokers. This year’s real estate event centered around one of the most critical facets of the industry: real estate development. This incredible panel included industry experts featuring Malik Yoba and Chris Senegal.
During the event, Donahue shared not only facts but also his passion for real estate development, including the concept of affirmative development. Attendees had the privilege of gaining deep insights into this transformative approach and its potential to shape real estate communities positively.
The Congressional Black Caucus event was more than just informative; it was truly inspiring. It provided a vision of how, together, we can uplift and empower our communities through real estate. Donahue Peebles III’s presence on the real estate panel was proof of his commitment to making a meaningful impact on the real estate industry and, by extension, the communities it serves.

Stay tuned for more real estate updates. Happy developing!

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“Save the Barclay: A Beacon of Hope for Miami Beach” by Donahue Peebles III

Miami Beach has always been renowned for its vibrant culture, stunning beaches, and iconic Art Deco architecture. However, amid the allure of this bustling city lies a forgotten gem – The Barclay. Once a symbol of grandeur, this historic property has sadly fallen into disrepair, becoming a shadow of its former self; contributing to crime, vice and urban decay. It’s time for a change; my company, Legacy Real Estate Development, has proposed restoring the former landmark, driving revenue to the city and cleaning up the City.

The current state of The Barclay is an unfortunate reminder of urban decay. The once-thriving property has become an eyesore, contributing to blight in the heart of Miami Beach. We are offering a mixed-income, mixed-use development that will not only revitalize The Barclay but also serve as a catalyst for positive change in the community.

We focus on delivering workforce housing. This is a pressing need in Miami Beach, where skyrocketing housing costs have pushed many hardworking families to the brink of housing insecurity and where many of the City’s workers cannot afford to live. Depending on the option selected by the City Commission, our project will rent restrict up to 37 units. Despite opposition, the Barclay will provide an oasis of affordability in an otherwise costly landscape.

We understand the importance of historic preservation and ensuring that The Barclay’s rich past is respected and embraced. We are proposing small scale development, no FAR favors, no landscape of towers; instead, we favor wide setbacks, pedestrian scale and historic preservation. We will fight to have The Barclay placed on the National Registry of Historic Places, ensuring that it will remain preserved in perpetuity.

Our plan includes restoring the property’s exterior to its original splendor, ensuring that it remains a contributing building in Miami Beach’s renowned Historic District. This restoration will not only honor the city’s architectural heritage but also inject a renewed sense of pride into the community.

My company, Legacy, has partnered with Urban American a large-scale multi-family developer. Our proposal is more than just a plan on paper – it is a commitment to making Miami Beach a better place for all its residents. With our extensive track record of successful projects across the country, we bring a level of expertise that promises to deliver. They have partnered with local architects, general contractors, and property managers, forming a collaborative team that is deeply invested in the well-being of the city.

Critics argue that the City of Miami Beach should take on the renovation and operation of The Barclay, but the reality is that the city faces budget constraints, and taking on such a monumental project is financially unfeasible. Moreover, the uncertainty surrounding the city’s ability to execute efficiently will only delay the rejuvenation of this historic property further. The City has owned the property for 7 years and nothing has happened; Miami Beach cannot afford to wait.

Our proposal provides certainty. With our plan, neighbors and community members can be assured that The Barclay will be restored to its former glory, and the blight that has plagued the area will be eliminated. That’s a promise.

Further, the inclusion of workforce housing aligns perfectly with Miami Beach’s stated commitment to inclusivity and diversity. By offering affordable housing options to hardworking residents, The Barclay development will ensure that Miami Beach remains a city where everyone has a chance to thrive.

It’s time for the City of Miami Beach to embrace this opportunity with open arms. Our proposal brings much-needed private investment into the revitalization process. Based on the Commission’s guidance, we are willing to pay the city $300,000 up front, up to $200,000 per year and an additional $200,000+ in real estate taxes annually. This infusion of funds will contribute to the city’s financial health while supporting resiliency and stormwater management.

Moreover, the restoration of The Barclay aligns with Miami Beach’s commitment to environmental sustainability. Legacy and Urban American’s plan aims to achieve LEED Gold and WELL Certification, making the development not just beautiful, but also environmentally conscious and resilient.

Miami Beach has the chance to be at the forefront of positive change by embracing our proposal. Let’s choose progress over stagnation, revitalization over decay, and inclusivity over exclusivity. The transformation of The Barclay will set an example for other cities facing similar challenges, demonstrating how collaboration between the private sector and the community can create remarkable results.

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