Underline scores $15M in funding from
Coral Gables

City will use impact fees from developments like Paseo de la Riviera

Miami /
Dec.December 06, 2017 04:32 PM

Rendering of the Underline (Credit: The Underline)

The Underline just got another boost in funding, this time from the city of Coral Gables.

The Coral Gables City Commission voted Tuesday to direct $15 million from impact fees, which come from developers constructing projects in the area, to the linear park. Collecting the funds will take about five years and will likely come from projects like the controversial Paseo de la Riviera, the Miami Herald reported.

The proposed multimillion-dollar park project, which will run under the Metrorail from Brickell to Dadeland, is now only $15 million short of the $100 million it needs for construction. Friends of the Underline, the nonprofit leading the charge for the park, plans to break ground in about a year by starting construction on the Brickell portion.

In the Gables, the park will run in front the University of Miami and NP International’s Paseo de la Riviera, which recently secured construction financing.

Last month, the city of Miami’s planning and zoning department proposed providing bonuses to developers who contribute funds for the city’s portion of the planned 10-mile park.

About a year earlier, Miami city commissioners approved $50 million in funding for the Underline. The money will come from development fees charged by the city, while bout $67 million will be raised through private donations and other public funding.

[Miami Herald] – Katherine Kallergis


Related Articles

arrow_forward_ios
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Jeff Bezos and his parents, Jackie and Mike Bezos, with 9501 Journeys End Lane (Douglas Friedman, Getty)
Jeff Bezos’ parents close on second Coral Gables mansion for $44M
Jeff Bezos’ parents close on second Coral Gables mansion for $44M
Allen and Spencer Morris, a rendering of the Ponce Park Residences, Mayor Vince Lago and Commissioner Rhonda Anderson (Oppenheim Architecture, Alan Morris, City of Coral Gables)
Coral Gables commission gives Allen Morris another chance for Ponce Circle project
Coral Gables commission gives Allen Morris another chance for Ponce Circle project
Jeff Bezos and his parents, Jackie and Mike Bezos, with 9475 Journeys End Road (Douglas Elliman Realty, Illustration by The Real Deal with Getty)
Jeff Bezos’ parents tied to $34M purchase of waterfront Coral Gables mansion
Jeff Bezos’ parents tied to $34M purchase of waterfront Coral Gables mansion
Asia PH on Brickell Key (Fortune International Realty, Illustration by Priyanka Modi for The Real Deal with Getty)
Asia PH on Brickell Key tops Miami-Dade’s weekly condo sales
Asia PH on Brickell Key tops Miami-Dade’s weekly condo sales
Oceana Bal Harbour
Oceana Bal Harbour closing tops Miami-Dade’s weekly condo sales
Oceana Bal Harbour closing tops Miami-Dade’s weekly condo sales
Plaza 100 building and the Brickell Arch office tower (JLL, Brickell Arch, iStock)
Lease roundup: Ritz Carlton’s yacht service leases in Fort Lauderdale, Hermès at 150 Alhambra
Lease roundup: Ritz Carlton’s yacht service leases in Fort Lauderdale, Hermès at 150 Alhambra
Rendering of Villa Valencia and Location Ventures' Rishi Kapoor (Location Ventures)
Location Ventures completes Villa Valencia condo project in Coral Gables
Location Ventures completes Villa Valencia condo project in Coral Gables
arrow_forward_ios

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

Loading...