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UM to bring 18-story hotel to Life Science Park

October 20, 2011 03:17PM

The University of Miami wants to build an 18-story hotel next to the recently unveiled UM Life Science and Technology Park along Seventh Avenue. According to the Miami Herald, the developer, Wexford, intends to ask Miami-Dade county to approve $90 million in tax-free bonds next week, to help start construction for the hotel, which it believes will attract customers from medical conferences nearby and patients traveling for treatment. The hotel will have 225 rooms, include 90,000 square feet of clinical space and is expected to cost about $108 million.

The county is expected to approve the bonds, as the building will create 880 construction jobs and 430 permanent jobs that pay, on average, $55,000, according to papers filed with the county. [Miami Herald]