Worldcenter CDD Funding Will Upgrade Metromover Stations, Add Parks

Dade commissioners granted final approval to a special taxing district for Worldcenter yesterday in a 12-0 vote.

Worldcenter developers will now be able to issue about $73 million worth of bonds to pay for infrastructure, later paid back by tax revenue. The Community Development District improvements will include:

  • Metromover station enhancements – $7 million
  • Parks/Landscaping/Lighting/Signage – $31.2 million
  • Wider sidewalks/Roadway improvements – $23.1 million
  • Water/Sewer/Stormwater systems – $11.1 million

According to the documents presented by Worldcenter to commissioners yesterday, Phase 1A and 1B of the project will include 815,000 square feet of retail, 1,016 condo units, 1,424 rental units, and 150 hotel rooms. The second phase will include 111,500 square feet of retail, and another 3,950 condo units.

The total number of residential units is 6,390.

 

 

 

 

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Anonymous
6 years ago

” Add Parks “. Umm where will there be an additional park ? Where ?

Dave
6 years ago

I’m guessing they mean little parklets (basically corner plaza’s) and general “public space”. Hope they don’t mean the podium soccer fields.

Yet Another Anonymous
6 years ago

With what the earlier more exciting rendering showed, a complete renovation and incorporation of the Freedom Tower station, similar to Brickell CityCentre, would take more than 7 million dollars, so can we assume that’s not happening?

marc
6 years ago

No incorporation into the that rental tower only renovation.

Yet Another Anonymous
6 years ago

I just saw another render that looks more like the Park West station is incorporated and less so the Freedom Tower one; however that one too is old enough to not show the current rental tower no one likes, so it’s probably an irrelevant render as well. Beyond doubting the original scale of the project I was almost certain the MM incorporation was a farce.

Anonymous
6 years ago

They could always issue bonds. What’s not said is that the bonds that they want to (and now will be able to ) issue are taxpayer subsidized (being tax free). Also the CCD, not the developers will be financially liable for the bonds.

Anonymous
6 years ago

The article says clearly that the bonds will be “paid back by tax revenue”. Of course, since the tax revenue is produced by the WorldCenter, it’s easy to see how the whole thing pays off for itself.