The Miami Worldcenter Community Development District has issued private placement bonds that will fund $74 million of infrastructure upgrades to the 27-acre site.
The bonds are backed by special assessments levied on the property owners within the district, which includes Worldcenter developers Nitin Motwani and the Falcone Group, Dan Kodsi and CIM Group. It does not include MDM Group, Motwani told The Real Deal.
Proceeds from the bonds will finance improvements to the nearby Metromover station, new landscaping, widened sidewalks, street lights, water and sewer, and electrical connectivity. The CDD board will oversee the infrastructure upgrades along with contractor CoastalTishman, engineer Kimley Horn and a district manager, Motwani said, comparing the infrastructure project to that of Midtown Miami. Work on the water and sewer lines and fiber optic cable over the past year has been funded by the Worldcenter developers. “The floated bonds will allow us continue our work,” Motwani told TRD.
North Miami Beach-based FMSbonds Inc. is the underwriter of the $74.07 million in tax-exempt bonds, according to a press release. Greenberg Traurig served as bond counsel and Squire Patton Boggs served as underwriter’s counsel. Billing, Cochran, Lyles, Mauro & Ramsey, PA served as issuers’ counsel and Fishkind & Associates advised the CDD.