County commission approves Miami Worldcenter tax district

Miami /
Jul.July 15, 2015 12:45 PM

Miami-Dade County commissioners approved a proposed special tax district for the massive Miami Worldcenter project, despite an outpouring of opposition from Overtown residents and workers.

The plan allows the project to essentially tax itself to finance $72 million in improvements to public infrastructure, which county government might not otherwise be able to fund. Owners inside the Worldcenter development would reportedly foot the bill through a special assessment on property taxes.

The district was unanimously approved by commissioners, despite a contentious meeting that saw opposition from Overtown residents and labor unions. A chunk of the audience even turned their backs on developer Nitin Motwani when he rose to speak, the Miami Herald reported. Their argument was that the district would funnel the neighborhood’s property taxes into Miami Worldcenter, with little benefit to residents.

On the other hand, supporters said the creation of jobs will be a welcome advantage to a blighted neighborhood.

“The Miami Worldcenter Community Development District will open the door to privately-funded infrastructure upgrades in an area of downtown Miami that has been under-served for decades,” Motwani said in a statement. “We’re eager to move forward in transforming our neighborhood when construction begins this quarter, creating thousands of new jobs and attracting additional investment to downtown in the process.”

Worldcenter is a $1.7 billion mixed-use project that will blanket 27 acres of Overtown and downtown Miami when completed. The development is breaking ground soon on its first phase, which will include a Marriott Marquis hotel and convention center, the Paramount Miami Worldcenter condo tower, a rental tower by developer ZOM and a 765,000-square-foot shopping center. [Miami Herald]Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Miami Worldcenter Associates' Nitin Motwani, Abbhi Capital founder Sankesh Abbhi and a rendering of the site (Photos via Miami Worldcenter, Abbhi)
Miami Worldcenter developer sells 1-acre lot to Abbhi Capital, doubling its site
Miami Worldcenter developer sells 1-acre lot to Abbhi Capital, doubling its site
 Miami Worldcenter Associates developers Art Falcone and Nitin Motwani and RPC’s Dan Kodsi with a rendering of the project (Royal Palm Companies)
Dan Kodsi’s firm pays $34M for site of 50-story tower at Miami Worldcenter
Dan Kodsi’s firm pays $34M for site of 50-story tower at Miami Worldcenter
Nitin Motwani, Sankesh Abbhi and 1016 Northeast Second Avenue (Google Maps)
Miami Worldcenter developer sells site to Abbhi Capital for $24M
Miami Worldcenter developer sells site to Abbhi Capital for $24M
Miami Worldcenter Managing Principal Nitin Motwani and a rendering of the project
Developer buys Miami Worldcenter site for mixed-use project
Developer buys Miami Worldcenter site for mixed-use project
Dan Kodsi and Legacy Hotel & Residences
For future pandemics, Miami Worldcenter plans $60M health center
For future pandemics, Miami Worldcenter plans $60M health center
Ira Saferstein and Marc Roberts, with a rendering of Miami Worldcenter
E11even owner Marc Roberts returns to Miami Worldcenter with $27M purchase
E11even owner Marc Roberts returns to Miami Worldcenter with $27M purchase
2131 South Bayshore Drive (Credit: Realtor)
Isaac Kodsi trades Miami Beach pad for Grove estate
Isaac Kodsi trades Miami Beach pad for Grove estate
Daily Digest Miami
FINCEN renews order looking at cash purchases, Barry Sternlicht is eyeing an economic slowdown: Daily digest
FINCEN renews order looking at cash purchases, Barry Sternlicht is eyeing an economic slowdown: Daily digest
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...