Miami voters pass $400M bond to combat sea level rise, fund affordable housing

They also voted for Monty’s Raw Bar and marina lease extension

Miami /
Nov.November 08, 2017 12:45 PM

The city of Miami voted to pass a $400 million bond that will be used to deal with climate change and fund affordable housing, among other projects.

Roughly 55 percent of voters endorsed the Miami Forever general obligation bond on Tuesday, according to the Miami Herald.

They also elected former commissioner Francis Suarez, a real estate attorney with Carlton Fields, who has vowed to make “Miami the most resilient city in the world.” At The Real Deal’s Fourth Annual Miami Real Estate Showcase & Forum in October, Suarez said he plans to propose incentives to reduce the carbon footprint within the city, including for owners of homes with solar panels and drivers of electric cars.

The bond will allow the city to spend $192 million on storm drain upgrades, flood pumps and sea walls. City officials have also promised to start funding $1 billion in projects to prepare Miami for the effects of climate change. About $100 million will be earmarked for affordable housing and economic development, the Herald reported.

Voters also supported a 32-year lease extension for Monty’s Raw Bar and marina in Coconut Grove. [Miami Herald]Katherine Kallergis


Related Articles

arrow_forward_ios
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Lennar Executive Chairman Stuart Miller (iStock)
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Ben Schachter, Sean Black and Mike Pappas (Signature, Getty, Keyes)
Knock expands home lending program into South Florida 
Knock expands home lending program into South Florida 
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
(Getty, iStock)
Climate concern driving down sales and prices along coastal Florida: report
Climate concern driving down sales and prices along coastal Florida: report
Tropical storm Eta brought floods to South Florida
Tropical Storm Eta floods South Florida: Photos
Tropical Storm Eta floods South Florida: Photos
arrow_forward_ios

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

Loading...