Tuesday afternoon Miami-Dade commissioners decided to approve using new property taxes to borrow $9 million dollars to build a 1,000-foot tower called SkyRise Miami. This decision was prompted by overwhelming support from Miami voters in favor of the building, which is predicted to employ at least 600 people and bring lots of attention and revenue to the city. This project was developed by Jeff Berkowitz, who envisions SkyRise to be a modern day Eiffel Tower and has been raising the funds for it largely himself through a federal program that grants green cards to people who invest sizably to US projects. Berkowitz was excited by the vote passed Tuesday as he predicts local government support will help to prompt further foreign investment by showing that Dade County supports the project.
As of now the observation tower is set to be built next to Bayside Marketplace and is expected to draw lots of tourists to the area. The massive structure will cost 430 million dollars total, and is predicted to be one of the most important buildings in the country, so naturally this is big news for Miami-Dade residents. It is too soon to be sure what impact SkyRise will have on the local economy but it seems clear that property demand will shoot up as a result of the attraction. Now is the time to invest in commercial or residential real estate around the area in order to reap the benefits, so feel free to contact a RE/MAX agent today!