Underline scores $15M in funding from
Coral Gables

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
Marc Anthony and 300 Costanera Road (Getty, Mint Studios Miami)

Marc Anthony lists waterfront Coral Gables mansion for $27M

Marc Anthony lists waterfront Coral Gables mansion for $27M
8950 Arvida Drive with Andre Hakkak and Marissa Shipman (One Sotheby's, White Oak, The Balm)

Financier and cosmetics CEO buy Gables Estates mansion for $14M

Financier and cosmetics CEO buy Gables Estates mansion for $14M
Javier Lopez and 2525 Ponce de Leon Boulevard, Coral Gables (Credit: Google Maps)

South Florida office landlords are offering sweeteners to lure tenants amid the pandemic

South Florida office landlords are offering sweeteners to lure tenants amid the pandemic
Henry Torres, Roza Radkiewicz and Merrick Manor

Henry Torres and Astor Companies allegedly owe broker $1M-plus commission: lawsuit

Henry Torres and Astor Companies allegedly owe broker $1M-plus commission: lawsuit
Ron Shuffield and Alirio Torrealba with a rendering of Biltmore Row (EWM, Twitter/MG)

EWM takes over sales of MG Developer’s Biltmore Square townhomes in Coral Gables

EWM takes over sales of MG Developer’s Biltmore Square townhomes in Coral Gables
Yonder Alonso and 7263 Southwest 53rd Court (Getty)

Baseball player Yonder Alonso sells Coral Gables home

Baseball player Yonder Alonso sells Coral Gables home
Bahram Akradi and model apartments at the Coral Gables development (Getty, Life Time) 

Life Time launches preleasing of $500M Coral Gables mixed-use multifamily project

Life Time launches preleasing of $500M Coral Gables mixed-use multifamily project
Brian Kingston and Merrick Park

Here’s what tenants are paying at Shops at Merrick Park

Here’s what tenants are paying at Shops at Merrick Park
arrow_forward_ios

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

Loading...