BRADENTON, Fla. - A 1,000-foot-tall iconic entertainment complex called SkyRise in Miami stands to benefit from $9 million in general obligation bond funding for public infrastructure upgrades thanks to a committee's recommendation.
The Miami-Dade County Economic Development & Port Miami Committee decided Oct. 16 to recommend the financing, which will come from a $3 billion GO authorization approved by voters in 2004. Some $75 million of the GO authorization was earmarked for grants.
The full commission still must vote on the grant.
SkyRise Miami LLC is a $430 million project proposed by developer Jeff Berkowitz, owner and founder of the Berkowitz Development Group.
The towering structure would be built on city-owned land at the aging Bayside Marketplace in downtown Miami, across from the port.
The general contractors for the project are Miami-based Coastal Construction and Tishman Construction, builder of the original and new World Trade Center.
The hairpin-shaped building, designed by Arquitectonica, would be the city's tallest structure and incorporate an observation deck, restaurants, and thrill rides.
The $9 million in GO bond proceeds would be used to pay for a public parking garage and expansion of current onsite parking areas, relocation of utilities, relocation of Miami Marina offices, construction of a public promenade, and roadway improvements, according to a resolution approved by the economic development and port committee.
The grant for public improvements supports a development that is expected to add about 570 jobs from businesses operating inside the SkyRise, the resolution said. It is also expected to attract tourists who will spend 2.8 million nights in the area and increase tourism spending by an estimated $741 million annually.
The project was dependent on Bayside operators obtaining a 99-year lease, which city voters approved in August.
Earlier this year, Gov. Rick Scott vetoed a $2 million appropriation from the state budget that local lawmakers had sought for some of the public improvements for SkyRise.
No date has been set for the $9 million grant to be considered by the full Miami-Dade County Commission.
