The Underline, Miami’s soon-to-be 10-mile linear park and urban trail running along the land below the Metrorail, continues on its seemingly obstacle-free path to break ground early next year, with just under $8 million in funds secured.But with a total cost estimated at $100 million, how to fill in the entire financial path remains far from clear. Organizers say they are exploring many options. A special taxing district might be among them.The Underline master plan was designed by James Corner Field Operations, an urban design and landscape architecture practice based in New York City that led the design and construction of Manhattan’s 23-city-block-long elevated public spaces called the High Line.“There’s no project moving at this speed, not only in this country but the whole world. We have such a big need and that’s why people are putting it together,” said Meg Daly, president and CEO of Friends of The Underline, a 501(c)3 non-profit organization.HR&A Advisors, an urban development consulting firm based in New York, assembled the economic impact study, completed last December.The study revolves around appreciation of real estate values, incremental taxes derived from an increase in real estate values, job creation and economic contribution, Ms. Daly said.Real estate value was evaluated, she said, by looking at properties directly adjacent to the corridor and other analytics of properties as far as one-third of a mile from the corridor in each direction.“Similar signature linear parks across the country indicate that the value of nearby residential and commercial properties increases by about 3%-5% with the creation of nearby open space, with the greatest impact occurring on properties directly adjacent to the park,” said Maria Nardi, chief of planning and design excellence for Miami-Dade County Parks, Recreation and Open Spaces.“The closer you get to green space, the higher the appreciation of your property value,” she said, with a 25% bump for properties directly adjacent to the corridor and 5% for the farthest ones.However, The Underline isn’t asking or expecting property owners to help fund the project, Ms. Daly said.“We’re not going to people and businesses along this corridor and asking them to write a check,” she said. “What we’re hoping they will do are support and become advocates for it and say ‘we’re really excited about building out a beautiful vision.’Read the rest of the Miami Today article here.
