Emerging Neighborhoods: Developments revitalize Miami River
The River Landing, the Miami River Greenway and the $30 million revitalization of the historic Merrill-Stevens yacht repair facility are all bringing a major economic impact to the Miami River, said Horacio Stuart Aguirre, chairman of the Miami River Commission.
Underutilized land along the river is being redeveloped into mixed-used projects, which is increasing the tax base. The new tenants, such as restaurants and retail, are creating jobs and providing services locally. The Miami River is the oldest natural landmark in the tri-county area, according to the river’s website.
Currently under construction is the River Landing, Aguirre said, which features 420,000 square feet of retail, multiple restaurants along the riverwalk, and 528 market-rate apartments. The River Landing is set for completion in early 2020.
Miami River Greenway
A partnership among public and private sectors have completed 6.5 miles of the public Miami River Greenway in the Miami River area. That area is a 10-mile rail-trail that is under development, according to the Rails-to-Trails Conservancy, adding that it’s “connecting the neighborhoods, businesses and cultural attractions.” The city is still constructing the remaining 3.5 miles. There is not an estimated time of completion.
In the area, there are more than 800 new residential units, an additional 7,450 approved residential units, three approved hotels with 1,160 new rooms, 23 operating restaurants with additional 23 planned restaurants and more than 550,000 square feet of retail currently under construction.
Aguirre said the Miami River Greenway aims to improve the natural environment and the economy.
“[It] directly connects with two MetroRail stations and two Metromover stations, therefore reduces vehicular traffic, gas consumption and carbon emissions,” he said.
Additionally, the revitalization of the $30 million historic Merrill-Stevens yacht repair, recently under new management and ownership, includes the construction of a new 2,700-ton ship lift, new workshops, retail marine store and the modernization of the shipyard on the Miami River. The $30 million historic Merrill-Stevens yacht repair is expected to be completed by June 2019.