$10B redevelopment slated for downtown Miami

Miami-Dade County, Florida, is planning a $10 billion redevelopment of 17 acres in downtown Miami that includes a mix of government and business offices, housing, public transit and cultural amenities through a public-private partnership, according to the county’s request for proposal.

The Miami MetroCenter will be part of a 28-acre county-owned district that serves as the seat of government. Miami-Dade’s existing government center there includes 3.3 million square feet of county-owned offices, courts, public parking and retail. 

The RFP calls for a variety of mixed-income multifamily units, including high-rise towers that are "atypical to the traditional affordable housing models." The redevelopment also will include commercial, hospitality and retail businesses that the county says will “contribute to the economic base and further the establishment of an active urban neighborhood.” 

Besides apartments and commercial space, a new transit center will be connected to the local Metrorail and other transportation systems. The plan also calls for offices for the parks department headquarters, a new public library, new digs for an existing history museum and 2,000 county parking spaces. In addition, there will be a day-care center and K-12 public schools.

The winning developer gets a 99-year ground lease for the land at market rate.

According to the RFP, MetroCenter construction will start within two years of the development agreement's signing. The county did not say when the winning bid would be announced.

Miami-Dade likened the project to the $25 billion Hudson Yards in New York City, according to Construction Dive.

Hudson Yards is a 28-acre in-progress project, being built above former rail yards, that is expected to add $19 billion to New York City’s gross domestic product each year. It includes four office towers, condominiums, affordable and market-rate apartments, a cultural center, retail and much more.