Underline scores $15M in funding from
Coral Gables

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

TRD 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
185 Los Pinos Ct, Coral Gables and Jane Fraser (Realtor, Citibank)

Bad investment? Citibank president sells waterfront Coral Gables home for $5M

Bad investment? Citibank president sells waterfront Coral Gables home for $5M
Rishi Kapoor with Forum Coral Gables

Co-working virtually: Coral Gables space rolls out memberships

Co-working virtually: Coral Gables space rolls out memberships
Jeffrey A. Schwartz and 5201 Oak Lane in Coral Gables (Excel Sports Management; Realtor)

Slam dunk: Sports agent buys Coral Gables home for $5M

Slam dunk: Sports agent buys Coral Gables home for $5M
Paseo de la Riviera and Brent Reynolds

Developer completes $225M Paseo de la Riviera mixed-use project

Developer completes $225M Paseo de la Riviera mixed-use project
115 Arvida Parkway in Gables Estates, Irene Sáez (Credit: Gianni Ferrari/Cover/Getty Images and Douglas Elliman)

Ex-Venezuelan politician who won Miss Universe sells Gables Estates mansion

Ex-Venezuelan politician who won Miss Universe sells Gables Estates mansion
6312 Riviera Drive and Jeff Conry (Realtor)

Lift off: Charter airline prez buys waterfront Coral Gables mansion for $15M

Lift off: Charter airline prez buys waterfront Coral Gables mansion for $15M
340 Leucadendra Drive and Mocca's Alex Pirez (inset)

Mocca Construction pays $12M for half-built Gables Estates spec mansion

Mocca Construction pays $12M for half-built Gables Estates spec mansion
90 Leucadendra Drive with Lee Scott Millstein and Sylvie Millstein (David Hernandez - REWS, Getty)

Private equity exec, fashion designer pay $22M for Gables Estates mansion

Private equity exec, fashion designer pay $22M for Gables Estates mansion
arrow_forward_ios

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

Loading...