The Real Deal Miami

Gables commissioners tackle Miracle Mile upgrades

$19 million improvement plan for city's busiest retail block on Tuesday's agenda

June 09, 2014 01:30PM

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Miracle Mile in Coral Gables

Miracle Mile in Coral Gables

Coral Gables commissioners could finally advance long-discussed streetscape improvements that could transform Miracle Mile into its pedestrian-friendly version of Miami Beach’s Lincoln Road.

The commission is slated to consider a proposal for a special assessment tax to help fund the upgrades, which are expected to cost about $19 million, during Tuesday’s meeting. Commissioners must approve resolutions to advertise the project financing plan before a public hearing is held at their subsequent meeting in July. Plans include resurfacing streets and sidewalks, new landscaping, public art displays and decorative lighting on Miracle Mile and Giralda Avenue.

In February, commissioners and Business Improvement District members listened to a proposal on how to financially structure the project. As proposed, the city would cover half of the debt on bonds issued to fund the improvements, with property owners in the district responsible for the other half through the assessment.

The city would also be on the hook for the interest for the first two years, according to the Miami Herald. That would allow property owners to not be assessed until after construction is finished. [Miami Herald]Eric Kalis

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