The Real Deal Miami

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
November 08, 2017 12:45PM

Francis Suarez (Credit: Getty Images, City of Miami)

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