FYI Miami: July 27, 2017
Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.
TAKING CARE OF BEACHES: Miami-Dade commissioners last week approved giving remaining county funds from a 2016 beach re-nourishment project to Sunny Isles Beach. The federal 2017 Sunny Isles beach re-nourishment project is the next one scheduled for the county by the US Army Corps of Engineers. The initial work is to truck in at least 100,000 cubic yards of sand and place it along the most eroded sections of Sunny Isles Beach. The contract award is due in late summer. Funds are left over from the 2016 Miami Beach Hotspots Beach Re-nourishment project.
BIG MONEY FOR BIG PROJECTS: Miami city commissioners are set today (7/27) to call for a referendum special election Nov. 7 for a General Obligation Bond for capital projects and improvements, providing for the levy and collection of ad valorem taxes to pay off the bonds. The mayor and city manager’s office had earlier proposed $275 million worth of bonds, but it’s been bumped up to $300 million. Following public meetings and commission discussions, the proposed project categories of the “Miami Forever General Obligation Bond Program” include: Sea Level Rise Mitigation and Flood Prevention, $191,962,000; Parks and Cultural Facilities, $58.2 million; Roadway Improvements, $22,838,000; Workforce Housing, $20 million; and Public Safety, $7 million.
MORE OFFICE SPACE: More office opportunities are flowing into the Miami-Dade market, according to a second quarter study by Avison Young released Monday. Under construction are 944,398 square feet of class A office space and 147,047 square feet of Class B, the report says. “Among these are a variety of medium-sized projects found throughout the market ranging from 50,000 to 100,000 square feet and a few large projects such as Waterford at Blue Lagoon, Aventura Park Square and Miami Central located in downtown Miami,” the report says. The firm places the overall office space vacancy in the market at 10.22%. The average asking lease rate for Miami-Dade on a full-service gross basis is $43.65 per square foot, the report says.
CASH STILL REALTY KING: All-cash transactions in purchasing Miami residential sales have fallen markedly from last year but still are double the national average, according to the Miami Association of Realtors. In June 36.9% of all closed sales were for all cash here, down from 44.8% last year. The national figure in June was 18%. In condo closings, the association said, 51.5% were for all cash in June but only 22.5% of single-family closings were for cash.