City of Miami commissioners approved up to $50 million in funding for the Underline Linear Park at yesterday’s budget meeting. In a partnership agreement with Miami-Dade County, which controls the land the Underline will be built on, City of Miami has committed the $50 million from impact fees collected on new development within 1,000 feet of the linear park for the next six years.
With approximately half of the 10-mile project in the City of Miami, this is a small outlay for what is anticipated to be an excellent economic return.
The Underline is anticipated to bring an additional $170 million in total economic output during construction and $50 million annually after completion and over $650 million in increased property values.
The “High Line Effect” has already been well demonstrated in other cities including, of course, New York’s High Line, Atlanta’s Beltline and Chicago’s 606. In New York, developers are vying for the opportunity to develop along that city’s elevated park. It only takes a quick ride on our MetroRail to see the opportunity for similar positive economic impact here in Miami.
The Underline Linear Park will run from the Miami River in Brickell Downtown Miami to the Dadeland South MetroRail station in Kendall; and will serve as the “backbone” of connected trails including the Miami River Greenway, Rickenbacker Trail, and the South Dade Trail
The project is projected to cost $120 million in total. Brickell Backyard, the first phase of the Underline, is expected to start construction in the fall of 2017.