Miami’s urban core will soon come alive with more than $74 million in new infrastructure upgrades following a private placement bond issuance by the Miami Worldcenter Community Development District (CDD).
The bonds will finance improvements that open the door to billions of dollars in private sector investment, thousands of new jobs, and much-needed streetscape enhancements in a neighborhood of downtown Miami that has been under-served for decades.
Proceeds from the new bonds will enable enhancements below grade and at street level, including modernized mass transit stations, new landscaping, widened sidewalks, increased water and sewer capacity, electrical connectivity, and new street lights. These upgrades will be funded with the privately-sourced proceeds from the bond sale – at no cost to the public.
The Miami Worldcenter CDD is comprised of property owners within the boundaries of Miami Worldcenter, a 27-acre master-planned mixed-use development in the heart of Downtown Miami. Now under construction and set to deliver in phases over the coming years, Miami Worldcenter will comprise residential, retail, commercial and hospitality uses.
“Miami Worldcenter has been committed to investing private dollars into our neighborhood infrastructure from day one, and the sale of these bonds enables us to begin that work,” Miami Worldcenter managing principal Nitin Motwani said in a news release. “These upgrades will serve as a catalyst for additional private investment and an improved experience at street level for our daily population at Miami Worldcenter and our neighbors.”
North Miami Beach-based FMSbonds, Inc. served as the sole underwriter of the $74,065,000 in tax-exempt bonds, which are backed by special assessments levied on property owners within the CDD.
“The flood of interest we experienced among institutional-grade buyers reflects both the strength of the Miami Worldcenter development team, and the projected stability of the Miami real estate market over the long-term,” Jon Kessler, executive director with FMSBonds, said in the statement.
Greenberg Traurig served as bond counsel and Squire Patton Boggs were underwriters counsel. Billing, Cochran, Lyles, Mauro & Ramsey, PA served as issuers counsel and Fishkind & Associates was the financial advisor to the development district.
The project’s general contractor is CoastalTishman.