UPDATED 5:30 p.m.: The committee is recommending $7.5 million for the project instead of the requested $12 million because the Economic Development Fund only has $15 million left. River Landing has agreed to split the fund with Rosal Westview, which is also receiving $7.5 million, according to the developer.
The River Landing project, which requested partial subsidizing from Miami-Dade County in January, has negotiated its proposal for a $12.5 million bond to support the development.
Miami-Dade County’s Economic Prosperity Committee is voting on the proposal on Thursday. From there, it would require full board approval.
Developer Andy Hellinger’s firm told The Real Deal he has asked the county to cover a portion of the $38.8 million in anticipated infrastructure costs with funds from the Building Better Communities bond.
The county’s $2.9 billion bond was formed in 2004 and is overseen by an advisory committee. It’s intended for financing neighborhood and regional capital projects, according to the county’s website.
River Landing Shops and Residences, at 1480 Northwest North River Drive, is an 8.1-acre project. The $300 million development will have 426,000 square feet of retail and restaurant space, 475 apartments and 2,200 parking spots.
Preconstruction is slated to begin in February, with the retail section wrapping up in summer 2017 and residential in spring 2018. — Sean Stewart-Muniz