Biscayne Landing
Biscayne Landing is a 193 acres (0.8 km²) master-planned community located in North Miami, Florida within a 2,000 acre (8 km²) enclave on Biscayne Bay. The site is bordered to the east by Biscayne Bay and Oleta River State Park, Florida’s largest urban park, to the west by commercial developments. [1] It is notable as one of the largest residential projects ever planned on a former Superfund site and a demonstration of the excesses of the housing bust.[2][3] The site also reflects one the largest write-offs in securitized mortgage history with a $196 million writeoff of an initial $200 million investment.[4][5]
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[edit] Funding
Biscayne Landing is the result of a partnership between the City of North Miami and Boca Developers. The city has leased the former superfund landfill to Boca Developers for two hundred years. As part of the partnership agreement with the city, Boca Developers will match the construction of new residences at Biscayne Landing with an equal number of new or rehabilitated affordable housing units on brownfield sites within the city. In addition, Boca Developers has also committed up to $25 million toward the renovation and expansion of North Miami's library, the construction of an Olympic training facility, and construction of a the David Lawrence, Jr. K-8 School[6].
The Miami-Dade commission has agreed to contribute $31 million of the costs of the Munisport cleanup, using part of a $130 million bond issue earmarked to clean up other polluted sites in the county.
[edit] Environmental Condition
Biscayne Landing’s environmental standing is described as "brownfield," which the government defines as property for which the expansion, redevelopment or reuse may be complicated by the presence or potential presence of contaminants. It is located on the former Munisport landfill.[1]
[edit] References
- ^ a b "Munisport Landfill NPL Site Summary - Land Cleanup and Wastes (Region 4)". US Environmental Protection Agency. http://www.epa.gov/Region4/waste/npl/nplfls/munprtfl.htm. Retrieved 2007-07-15.[dead link]
- ^ Curtis Morgan and Amy Driscoll (2007-06-16). "Condo tries to bury its past life as a dump". Miami Herald. http://www.redorbit.com/news/science/969822/condo_tries_to_bury_its_past_life_as_a_dump/index.html?source=r_science. Retrieved 2007-07-13.
- ^ Farzad, Roben (July 4, 2011). "North Miami's Condo Catastrophe". Bloomberg Businessweek: 41–42. http://www.businessweek.com/magazine/north-miamis-condo-catastrophe-06302011.html.
- ^ Bandell, Brian (2011-05-17). "Biscayne Landing is a 100% loss". http://www.bizjournals.com/southflorida/blog/2011/05/biscayne-landing-is-a-100-loss.html. Retrieved 3 July 2011.
- ^ Bandell, Brian (2011-06-07). "Securitized loan losses hit 43% in May". http://www.bizjournals.com/southflorida/blog/2011/06/securitized-loan-losses-hit-43-in-may.html. Retrieved 3 July 2011.
- ^ "Sites in Reuse - Munisport Landfill Superfund Site" (pdf). EPA Region 4 Site Reuse Fact Sheets. US Environmental Protection Agency. September 2004. http://www.epa.gov/region04/waste/reuse/fl/munisportreusesuc.pdf. Retrieved 2007-07-15.[dead link]
[edit] External links
- EPA's Brownfields portal
- Developer's Project Web Site
- (Page 15) "Development Strives to Bury Dirty Past", Jim W. Harper Biscayne Boulevard Times - Local Newspaper article
Coordinates: 25°54′32″N 80°09′11″W / 25.909002°N 80.153139°W
