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
Ron DeSantis and Peter Thiel (Illustration by The Real Deal with Getty)
Peter Thiel on Florida real estate: “becoming like California”
Peter Thiel on Florida real estate: “becoming like California”
Affiliated Development co-founder Nick Rojo along with 9445 Fontainebleau Boulevard in Miami (left) and the Bohemian apartment project in Lake Worth Beach (right) (Getty Images, Affiliated Development, Google Maps, MSA Architects)
“Slamming on the brakes”: South Florida’s record rent hikes slow
“Slamming on the brakes”: South Florida’s record rent hikes slow
Clockwise from top left: One Sotheby’s Jorge Uribe, Compass' Ida Schwartz, Fortune International Group's Edgardo Defortuna and Royal Palm Companies' Dan Kodsi (Illustration by Kevin Rebong for The Real Deal)
Slowdown hits South Florida’s hot resi market: Here’s what that means
Slowdown hits South Florida’s hot resi market: Here’s what that means
(Illustration by The Real Deal with Getty Images)
South Florida’s June resi sales drop by double digits
South Florida’s June resi sales drop by double digits
(iStock/Illustration by The Real Deal)
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
US HUD Secretary Marcia Fudge (Getty, iStock)
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
arrow_forward_ios

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

Loading...