The Real Deal Miami

South Florida by the numbers: “Miami Access Tunnel” edition

May 16, 2014 12:00PM
By Master Brokers Forum

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PortMiami

PortMiami

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Miami commuters rejoice! The Miami Access Tunnel (or PortMiami Tunnel, or Port of Miami Tunnel, or something else, depending on whom you ask) is expected to “officially” open on Monday and then “actually” be open for traffic on May 29.

The two-tunnel, toll-free system will take drivers from the MacArthur Causeway underneath Government Cut to PortMiami (and back again). The goal is to dramatically reduce downtown traffic and ease transit for thousands of cruise passengers and cargo trucks. So, focus that tunnel vision and cruise into the tunnel of love, because we’re approaching the light at the tunnel with this edition of South Florida by the numbers.

55

Months needed to complete construction of the Miami Access Tunnel. [WLRN]

 

$1 billion

Estimated cost to construct the tunnel, which was funded through a public/private partnership. [CBS4]

 

$225 million

Bond offering approved in May by Miami-Dade commissioners to meet existing lending agreements and pay the balance on the tunnel. [Reuters]

 

$115,000

Fine to be imposed on tunnel contractors each day beyond Monday that the tunnel is not “substantially” complete. [Miami Herald]

 

16,000

Vehicles that travel to and from the seaport through downtown Miami streets each weekday, according to a study. With 28 percent of that total comprised of truck traffic, the tunnel is expected to sharply reduce downtown congestion. [Miami Today]

 

More than 200

Miami Herald readers (to date) who have submitted name suggestions for the tunnel. Suggested names include “the Mole Hole”, “Dolphin Pass” and “Tequesta Tunnel”. The winner will be announced on May 26. [Miami Herald]

This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.

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