No Comments

Infrastructure Bill A Once-In-A-Lifetime Chance To Make Miami More Climate Resilient

Experts predict that sea levels will rise by at least two feet in Miami-Dade County by 2060. The consequences of that alone would be devastating. Entire neighborhoods could be uninhabitable. More frequent tidal floods and increased sea-level rise will damage coastal property and stifle maritime commerce through PortMiami. Further erosion of world-class beaches will hammer the state’s tourism industry that generates nearly $100 billion annually.

Unfortunately, Florida’s aging water infrastructure will only exacerbate the effects of climate change. In 2021, the American Society of Civil Engineers gave the state’s coastal infrastructure, which is supposed to protect beach communities from storm damage, a failing grade. After Hurricane Michael in 2018, basic utilities, such as plumbing, didn’t return to some areas for 10 months. As many in Miami have experienced, shallow water supplies get overrun with floodwaters after heavy rains, leading to boil-water notices and concerns about contaminated drinking water.

As more frequent and more intense storms bring destruction, they also present us with a chance to modernize. We can use this moment to move beyond 20th century infrastructure that lags behind other advanced nations. This is our opportunity to reimagine what the future of water in this country looks like and to make smart investments now that can help us avoid crises in the future. By modernizing the water infrastructure that every American household uses – from ports and wastewater-treatment plants to drinking water and stormwater systems – we can lower costs for communities and families, better protect public health and make neighborhoods, towns and cities more resilient in the face of climate change.

These long-overdue upgrades make economic sense, too. According to a report by the National Institute of Building Sciences, for every $1 investment in disaster resilience, $6 are saved in disaster costs. What’s more, we know that investing in this infrastructure also has the potential to create jobs and boost our economy. In fact, every additional $1 invested in our infrastructure creates $3.82 in economic growth over 20 years. In Florida, infrastructure investment can increase real disposable income for households by $1,600 per year over 20 years.


Click here to read more about this story.

No Comments

ULI Offers Some Climate Change Solutions For Miami’s Commercial Properties Along The Waterfront

To protect commercial properties along the waterfront in downtown Miami and by the Miami River, city officials and the real estate industry should implement natural lines of defenses, consider using less ground floor space for commercial uses, embrace transit-oriented, mixed-use projects and identify funding resources for large-scale flood mitigation projects similar to the Thames Barrier in London.

Those are some of the recommendations made by a 10-member panel of the Urban Land Institute, or ULI, brought on by the City of Miami and the Miami Downtown Development Authority to figure out ways to make the urban core more resilient to climate change.

The panel’s final report came out this month. It focuses on strengthening the Biscayne Bay waterfront as Downtown Miami’s first line of defense against rising seas, transforming the Miami River into a mixed-use district that bridges the gap between the water and surrounding neighborhoods such as Little Havana and Allapattah. The report also recommends creating incentives for responsible development along an inland ridge of high-lying ground.

“The Urban Land Institute’s preliminary findings provide us with a roadmap for enacting design, infrastructure, zoning and financing strategies that will ensure Miami sustains its growth as a world-class city – not for years, not for generations, but forever,” said Miami City Commission Chairman Ken Russel, who also chairs the Miami DDA. On Nov. 21, commissioners passed a symbolic resolution declaring Miami is an a state of climate emergency.

The ULI recommends city officials adopt living shorelines along the Miami Baywalk and Riverwalk, study the development of an iconic tidal gate for the Miami River, use the city’s transfer of development density program to give builders incentives for building in less flood-prone areas and update the downtown Miami master plan to incorporate building streets and sidewalks at a higher elevation.

According to the ULI report, commercial properties in Miami’s urban core, which includes retail storefronts, offices and large apartment buildings, comprise $21.1 billion in taxable value. Roughly $5 billion of that value exists with a quarter mile from Biscayne Bay and the Miami River.

Since 2009, a total of $13.1 billion was invested in commercial property in the Miami central business district, indicating an active market, the ULI report states. The ULI panel largely agreed that the city’s current waterfront guidelines lack overall flexibility, have some problematic design requirements, and do not allow for elements, such as terracing, that could address storm surge.


Source:  Forbes

© 2024 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.