Benefits of the Miami Innovation District
The Miami Innovation District urban renewal project will bring great benefit to the community, activating inefficiently utilized parcels and bringing them into the tax rolls, creating jobs and opportunities for economic growth for the Park West/Overtown neighborhood and city of Miami.
Consider some of the benefits: The developer will pay the Community Redevelopment Agency $5 million before building the Miami Innovation Tower. After the tower has been built, the developer will pay $1 million per year or 3% of gross sales, whatever is higher.
The tower will bring 1,700 construction jobs and 700 permanent jobs in Overtown. It will serve as a catalyst for the Miami Innovation District, which will bring more than 13,000 high-paying jobs to the city of Miami.
This project will elevate the city’s brand on a global level, enhance the city skyline, and complement and enhance the surrounding community, activating the long-neglected area as an engine for sustainable economic growth and creating jobs.
Opportunities, Outreach and Training programs:
- $200K contribution funding a local employment assistance program to benefit the redevelopment area
- 2 job fairs for construction period
- 2 job fairs for permanent job opportunities prior to end of construction
- 2 job fairs annually for identifying qualified local applicants
- Working with local organization experienced in implementing local preference job opportunities to identify potential base of employees
- Other benefits