On Tuesday, June 10th, the Coral Gables City Commission passed a resolution to proceed with the Downtown Streetscape project, for both Miracle Mile and Giralda’s Restaurant Row. The resolution establishes the methodology to collect assessments from the directly affected property owners starting in two years, once the financing is in place. The resolution also sets the assessment project in motion, allowing the City to set up the formal financing and proceeding with the RFQ for design and construction of the project.
The current resolution allows the City to collect up to a maximum of 50% of the $19.2 million cost of the project from directly affected properties. Miracle Mile is estimated at $15.7 million and Giralda’s Restaurant Row is estimated at $3.5 million. All properties along all of Miracle Mile and Giralda’s 100 block will be assessed. Furthermore, adjacent properties to the Mile and Giralda’s 100 block will pay a lower assessment than the front facing properties because of the assumption that property values in the adjacent areas to the improved streets will also increase.
The BID asked the City to look at alternate sources of funding to minimize the cost of this project to our property owners and member businesses. The Commission passed a resolution to have staff look at parking revenues and other alternatives to help offset the direct assessment costs.
There will be a series of discussions to address the Giralda and Miracle Mile Streetscape Improvements with the City. We encourage you to become engaged in this process as the City is poised to proceed expeditiously with the Streetscape project. The upcoming dates are as follows:
• July 15 – BID workshop with City Staff – 3:00 p.m. Actors Playhouse, 280 Miracle Mile
• July 22 – Workshop with the Commission and stakeholders (including the public) to discuss the latest approved concept, as well as the financing plan
• August 26 – Final hearing on the special assessment, where there will be public input
Click here to view the complete agenda item, including the resolution and assessment information.