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The
Buena Vista Yards consists of 56 acres of vacant
land and is located south of N.E. 36th Street,
north of 29th Street, west of N.E. 2nd Avenue,
and east of North Miami Avenue.
It was formerly owned by the Florida East
Coast (FEC) Railway, which used the property
as a storage yard for freight containers in the
maritime transport of goods. The land was
purchased in 2002 by Biscayne Development
Partners, LLC, a joint venture between
Midtown Equities and Samuel & Company. Biscayne
Development Partners in turn sold the western
portion of the site (for retail and apartment
development) to Developers Diversified Realty
(DDR).
The developers are working closely with the
City of Miami and Miami-Dade County
to fund public improvements including street
paving, gutters and sidewalks, water and sewer
lines, drainage systems, landscaping, and
irrigation. The financial funding from this
project comes from many different sources,
including a HUD Section 108 loan, Community
Development District (CDD) Bonds, Economic
Development Administration (EDA) funds,
Environmental Protection Agency (EPA) funds, and
the Florida Department of Transportation (FDOT)
funds.
Once
finished, the project will consist of two major
components: The Shops at Midtown (retail)
and Midtown Miami (residential),
providing approximately 600,000 square feet of
retail space, 3,000 condo lofts and 350
apartment units. It will have an estimated
development value of $1.2 billion and will
generate an estimated 1,700 permanent jobs.
This enormous project will transform the
neighborhood into a vibrant urban center and is
destined to become one of the most dynamic new
retail locations in South Florida.
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