Eligible property owners voted in favor of creating a special tax district on Lincoln Road to fund improvements to the popular shopping, dining and entertainment area in Miami Beach.
The office of the city clerk reported that more than 95 percent of the ballots cast were “yes” votes favoring creation of a self-taxing Lincoln Road Business Improvement District, or BID.
“It is great to hear that our Lincoln Road property owners have agreed to reinvest in their stretch of our city. I look forward to seeing those dollars put to good use through perpetual upgrades in service and aesthetics for years to come,” said Miami Beach Commissioner Michael Grieco in a statement.
Steven Gombinski, president of the Lincoln Road Property Owners Association, said the outcome of the voting was “an extraordinarily important step forward, not just for the Road, but for the future of our community.”
The business improvement district “will unify the district, providing a better, more cohesive experience for residents and visitors alike. The BID can make Lincoln road even greater than it already is.”
The Miami Beach City Commission in March agreed to allow a vote of property owners to create the special assessment district. The Lincoln Road Business Improvement District will have a 10-year life and will support the promotion, management and marketing the popular pedestrian promenade.
One of the biggest property owners on Lincoln Road is David Edelstein’s TriStar Capital, which recently added to its real estate portfolio there by purchasing two adjacent commercial buildings at 918 and 920 Lincoln Road for $18.5 million.