A key piece of the mega mixed-use Miami Worldcenter development has reached a financial milestone.
The project is rising on a downtown Miami site long occupied by surface parking lots and low-rise buildings, a piece of land that in its current state cannot sustain the planned heavy development.
The Miami Worldcenter Community Development District, a special taxing authority created for the project, has finalized a $74 million bond sale that will fund major infrastructure upgrades to support the intensive construction.
Bond proceeds will privately fund updated mass transit stations, wider sidewalks, increased water and sewer capacity, electrical upgrades, new street lighting and landscaping, the developers announced Tuesday. The largest chunk of spending at $22.4 million will go to stormwater drainage, water and sewer systems and road work.
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Greenberg Traurig served as bond counsel and Squire Patton Boggs as underwriters counsel. Billing, Cochran, Lyles, Mauro & Ramsey served as issuers counsel, and Fishkind & Associates was the financial adviser to the district.