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understanding the proposal

This proposal would update an already voter approved mixed-use project on Watson Island. The already approved project includes a marina, two hotels, shops and restaurants and a waterfront promenade and would result in less overall development, meaning that there will be a reduction in the amount of commercial and retail space and fewer hotel rooms than voters had previously approved. The proposal would allow for some office space to support the shops and restaurants and allow approved timeshare residences to be condominiums. The updated proposal would result in over one billion dollars of additional tax revenue to the City of Miami. The project also includes a number of public benefits, including hiring preferences for City residents, nine million dollars of new funding for affordable housing and an expansion of the public waterfront and pedestrian promenade to allow better public access along Biscayne Bay. This project is privately funded, meaning no city dollars will be used.