The Miami Worldcenter Community Development District has closed on the issuance of $74 million in private placement bonds that will fund infrastructure upgrades to the 27-acre site. The funding will help improve the nearby Metromover station, new landscaping, widened sidewalks, street lights, and utility connections. The bonds are backed by special assessments levied on the property owners within the district. According to a press release, North Miami Beach-based FMSbonds Inc. is the underwriter of the tax-exempt bonds,
The mixed-use, master-planned community will include Paramount Miami Worldcenter, 450,000 square feet of high street retail, the Seventh Street Apartments, an additional 429-unit apartment building, and the 1,700-room Marriott Marquis Miami Worldcenter Hotel & Expo. The multifamily development portion of the project is expected to open in the fall of next year. Retail tenants are expected to move into their spaces at roughly the same time and to open their doors to business in early 2019.
