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Miami-Dade Approves “Another Sexy Highway” to Extend the Dolphin Expressway

Miami-Dade Approves “Another Sexy Highway” to Extend the Dolphin Expressway

After obtaining preliminary approvals in June, a controversial plan to extend the Dolphin Expressway, AKA “Another Sexy Highway,” to West Kendall through the Everglades was approved by Miami-Dade commissioners by 9- 4 votes on Thursday.

According to critics, the 13-mile project challenges sound urban planning practices and threatens the natural environment. Earlier this year in a sarcastic marketing campaign launched by the Transit Alliance Miami, the so-called Kendall Parkway Plan earned the nickname “another sexy highway.”

While the final route of the six- lane extension is still being completed, the new tariff will push beyond the county’s own urban development boundary— a line that separates protected natural lands such as the Bird Drive Basin from developments such as subdivisions and malls.

In addition to worsening traffic congestion, encouraging suburban spread and threatening the Everglades, opponents argue that the $ 1 billion plan could be at the expense of the type of mass transit improvements that the county actually needs.

Despite winning over most of the commissioners and appearing to be a fore sure conclusion, the project still needs to secure state, federal, and Department of Environmental Resources Management permits.  Meanwhile, the new “sexy highway” in Miami-Dade county could potentially face some unsexy lawsuits.

Kendall Parkway

 

Read the Original Article Here: Miami-Dade OKs Dolphin Expressway extension through the Everglades

CIM Group Acquires Wynwood Square Property for $17 Million

CIM Group Acquires Wynwood Square Property for $17 Million

CIM Group just bought a 1.78-acre site in Wynwood, Wynwood Square, for $16.6 million where a 12-story mixed-use (apartments, office and retail) project is planned.

Wynwood Square

The Los Angeles- based CIM Group, which has more than $ 29 billion in assets, purchased the property from One Real Estate Investment for $ 214 per square foot at 2201 North Miami Avenue. According to a CIM press release, the site is fully entitled and One Real Estate Investment will be a co- developer on the property.

One real estate investment based in Miami, led by Jeronimo Hirschfeld, sought to build a project called Wynwood Square with 241 apartments, 60,290 square feet of office space, 27,212 square feet of retail space and 481 parking spaces.

According to property records, Hirschfeld’s company purchased the property for more than $15 million in 2015. But the company put the 77,580-square-foot site on the market in 2017. Hirschfeld mentioned in the past that he invested several million dollars more in pre-development costs.

At the moment, CIM is developing Caoba, a 444-unit, 43-story apartment tower in downtown Miami. Caoba is part of the Miami Worldcenter project in which CIM is also an owner and co- developer.

One Real Estate Investment has not recently commented on further ongoing for this project.

Read the Original Article Here: CIM Group pays $17M for Wynwood Square property