The Real Deal Miami

North Miami gambles on Biscayne Landing

September 08, 2011 12:55PM

North Miami is betting its budget on a long-delayed development project at Biscayne Landing, the Miami Herald reported, a gamble that could leave the city facing a shortfall of $5.8 million and mass layoffs if it doesn’t pan out, said Budget Director Kay Grant. The city has four months to pick a developer for the project.

Whoever takes over the Biscayne Landing property will have to pay a minimum of $19 million up front, a $1.5 million lease payment and $17.5 million listed as a one-time fee to the city, the Herald said.

The proposed budget doesn’t require cuts or layoffs, but if the council rejects developers’ proposals, the city will have to pay $1.6 million for the general upkeep of the site. [Miami Herald]