The Real Deal Miami

Commissioners OK plan to subsidize private developments

SkyRise Miami would receive $9M of about $30M in subsidies
October 17, 2014 01:30PM

Carlos Gimenez

Carlos Gimenez

Miami-Dade County commissioners have endorsed a plan that would increase residents’ property tax burden to subsidies for-profit developments, like SkyRise Miami.

Commissioners want to use property taxes to fund about $30 million in development subsidies for several projects, including $9 million for the SkyRise Miami observation tower, according to the Miami Herald.

“Most of these towers around the world have been built with government assistance,” Mayor Carlos Gimenez said. “I’m of the opinion that something this important should have some level of government participation.”

SkyRise developer Jeffrey Berkowitz hopes to raise 60 percent of the $430 million estimated cost of development from more than 500 foreign investors under the federal EB-5 visa program. [Miami Herald]Christopher Cameron