Miami Today: Week of Thursday, March 22, 2018 by Miami Today

WEEK OF THURSDAY, MARCH 22, 2018

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TRANSPORTATION PLANNERS PUSHING THE PEDAL TO ADD 2 CENTS TO LOCAL GAS TAX, PG. 9 POWER LINES ACTION: Gov. Rick Scott on Monday signed into law a bill dealing with the approval of electric transmission lines, an issue that stemmed from a legal battle between Florida Power & Light and Miami-Dade local governments. The House and Senate had overwhelmingly approved the bill, which was rooted in a 2016 ruling by the 3rd District Court of Appeal in a dispute involving an FPL plan to add two nuclear reactors at the Turkey Point complex in south Miami-Dade. Gov. Scott and the state Cabinet approved the project in 2014. But the appeals court overturned that decision, saying Gov. Scott and the Cabinet erroneously determined they couldn’t require underground transmission lines as a condition of the approval. The law reverts to an approval process that had been in place for decades before the court ruling. Miami Sen. Jose Javier Rodriguez, who opposed the bill, said the appeals court sided with local governments on issues related to land use and local regulations.

The Achiever

By Gabi Maspons

INLAND PORT: The Port of Miami is in the process of developing an inland port shuttle train “that will further enhance container moves as a result of bigger ships and increased volumes,” said Andria Muñiz-Amador, port communications head. In 2017, county commissioners unanimously voted to identify land on which to locate an inland port and study the potential construction, operation and impacts it would have. “The service is currently in its testing stages,” she said. SOLAR-POWERED TRANSIT: Mayor Carlos Giménez championed renewable energy at the Government Operations Committee meeting last week, saying it is becoming cheaper and more efficient as the price of solar panels and batteries goes down. Mr. Giménez said that advanced battery technology will soon be able to store the day’s energy for night-time use, and the county may be able to power expensive systems like Metrorail with renewable resources. “We could lead the way for individuals to do the same at their houses and generate the private sector to invest in solar and battery tech,” he said. “I predict energy costs will actually go down.” COMING TOGETHER FOR FIU:Miami-Dade County commissioners on Tuesday applauded the community’s response to the bridge collapse at Florida International University last week. “All departments worked flawlessly and everybody was just there to help,” said Commissioner Joe Martinez, a former police officer, “I am very proud.” Deputy Mayor Maurice Kemp said the Fire and Police departments worked “seamlessly without ego or reservations.” Commissioner Dennis Moss said community members on the scene also need to be applauded. “They got out of their vehicles and ran to the bridge to see what they could do to help,” Mr. Moss said. “That shows real humanity and that’s what makes Miami-Dade County what it is.”

To get kids out of cars, schools eye transit deal

Rebecca Bratter

Photo by Cristina Sullivan

New deputy managing partner of Greenspoon Marder The profile is on Page 4

Planners seek state reverse on reversible lanes By Gabi Maspons

Another quick mobility fix: trolley links, pg. 3

While awaiting lengthy environmental studies to OK Miami-Dade’s rapid transit SMART plan, the county Transportation Planning Organization is looking at reversible lanes as a quick, cheap way to alleviate peak hours traffic. Despite Florida Department of Transportation pushback, TPO Executive Policy Committee Chairwoman and County Commissioner Rebeca Sosa prioritized Southwest Eighth Street for reversible lanes. “I’m not saying ‘no’ to getting money for infrastructure,” Ms. Sosa said, “but in the meantime, there are a lot of good ideas we can do that don’t cost millions of dollars. Using reversible lanes is the most realistic solution.” Reversible lanes can move traffic in either direction, depending on the hour of day and direction of traffic flow. Overhead signals similar to traffic lights display either a green arrow or red cross to direct traffic. During peak traffic hours, reversible lanes can improve traffic flow in a single direction. “We talk about getting millions of dollars for this and that, but what are we doing now? Nothing,” Ms. Sosa said.

Ms. Sosa said reversible lanes are cheap: “The only cost is to install the directional arrows where the traffic lights are. Come on.” At the TPO committee last week, members discussed Southwest Eighth Street as the preferred location. Ms. Sosa said the middle turning lane could be a dedicated reversible lane, and the rights-ofway after the turnpike also have “an incredible amount of space,” to help direct traffic flow. Medley Mayor Roberto Martell, a committee voting member, agreed, saying the county needs a variety of solutions to reduce traffic. “There have been studies,” Mr. Martell said, “so let’s stop talking about it and get it done.” TPO Executive Director Aileen Bouclé said reversible lanes have been studied in the county since 1992, with the most recent study by the TPO in 2016. The TPO and the Miami-Dade Transportation and Public Works Department “have a mutual understanding” about the rollout of reversible lanes on Southwest Eighth Street, Ms. Bouclé said, but “it’s an issue with the local [FDOT] district office.”

Ms. Sosa said that she has spoken with FDOT District Six Secretary James Wolfe, and FDOT says there is no need for reversible lanes there. “He says that in Tallahassee they did studies and it is unnecessary,” Ms. Sosa said. “I said, ‘Sir, bring the people from Tallahassee here and sit them in every corner of this county every time we have a peak hour of traffic.’” “I’m going to keep fighting for this because it’s not expensive and it is a realistic and safe method,” Ms. Sosa said. It may be difficult to introduce reversible lanes on Southwest Eighth Street into the discussion, Ms. Bouclé said, as FDOT is already contemplating improvements to the street and reversible lanes aren’t being considered. “Let’s give them a chance to understand that we want reversible lanes,” Ms. Sosa said. “It’s easy to live in Tallahassee and not deal with the [traffic] problems we deal with every day. They’re not letting us bring in our own solutions.” Ms. Sosa told Ms. Bouclé that the county commission is at her disposal as she negotiates with FDOT: “Tell me what you need and we will do it.”

To get more cars off the road during peak hours, the MiamiDade Transportation Planning Organization may soon be partnering with the Miami-Dade School Board to have the county provide transit services for students who live within two miles of their school. Though the state requires the school board to provide transportation services to all public school students whose homes “are more than a reasonable walking distance,” as defined by the State Board of Education Rules, the drafted legislation points to a gap in the services offered. The state requires the county to provide transportation to students that live more than two miles from their schools or one and a half miles from the nearest bus-stop. The county doesn’t provide services for students within the two-mile radius, and many students opt to drive to school, contributing to traffic: “Parents and custodians driving students to school and high school students commuting to school within two miles of their school is a contributing factor in traffic congestion,” the draft says. TPO board members Daniella Levine Cava and Perla Tabares Hantman sponsored the drafted legislation that is to come before the TPO board April 9. If the drafted legislation stays as is, the TPO staff is to define the scope of the work and prepare a feasibility study, making recommendations on the types of services the county can provide to students who live within two miles of their public schools. The study is to consider a variety of transportation services, including carpools, jitneys and private transportation, transit circulators and enhanced bike facilities, the draft legislation says. The study is to also consider potential funding sources for the new service.

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MIAMI MILITARY MUSEUM GETS $800,000 IN STATE BUDGET ... 23

WEEK OF THURSDAY, MARCH 22, 2018

MIAMI TODAY

TODAY’S NEWS

Smart plan’s stopgap: tie trolleys around the county into a network By Gabi Maspons

Miami-Dade’s Transit Tracker app will merge with Easy Pay in April.

Transit Tracker upgrades due in April, minus Uber By Katya Maruri

The Miami-Dade Transit Tracker, which allows users to track trains and buses, pay for trips and report safety concerns, is set to debut its new and improved app in April, according to Carlos Cruz Casas, assistant director of the county’s Department of Transportation and Public Works. However, he Carlos Cruz Casas said, the option to provide users with a virtual card payment option that links to Uber, Lyft and Citi Bike as part of an interrelated payment system won’t be a part of the update. “Starting in April, the MiamiDade Transit Tracker app and ‘Easy Pay,’ a mobile payment option that allows users to tap and pay as they go, will merge into one app,” he said, “offering users more control of their accounts while allowing them to track their desired mode of transportation.” As for using the new app to create an interrelated payment system that works with companies such as Uber, Lyft and Citi Bike, he said, that’s still in the works. “For example,” he previously told Miami Today, “let’s say we have the interrelated payment system in place

and we want to promote the use of Citi Bike through the app. We can offer users who use Citi Bike to get to and from a Metrorail station with a free Lyft ride after they use Citi Bike for a certain amount of time.” However, he said, “Right now we are still in the process of building the foundation to make this interrelated payment system a reality.” “So far we have had encouraging discussions with Uber and Lyft regarding this process,” he said, “however we are still ironing out all the details.” As a result, he said, “this fall we are going to release ourAPI (application programming interface) to the open market so that large third-party companies can work on developing the app.” Doing this, he said, would create a space for tech and big companies within the private sector such as Mas Global, Google maps and Apple maps to come together to offer their ideas and work on the app. “We have already started to see a strong response from the private sector in regards to working on the app,” he said. “Now it’s all about putting a call out to the industry and seeing who wants to be a part of this process.” “Basically, what we want to do,” he said, “is open doors with this new app, which in my opinion could become the future of transportation moving forward.”

While Miami-Dade County’s six-corridor rapid transit SMART plan is caught up in studies awaiting extra federal and state funds, members of the Transportation Planning Organization’s [TPO] Executive Policy Committee are discussing how fare-free municipal and county circulators can service all areas of the county in the meantime. “People ride trolleys more than buses because they’re free,” said Vince Lago, Coral Gables commissioner and voting member on the TPO executive policy committee. “They are efficient, clean and pleasant.” The People’s Transportation Plan half-penny sales surtax was approved by Miami-Dade voters in 2002 for transit expansion. The sales tax was increased from 6.5% to 7% and the half-penny was to go toward transit improvements around the county. The PTP funds are split between the county and over 30 municipalities within the county – 20% of the funds go to the municipalities on a per-capita basis. The municipalities then must use 20% of their surtax shares toward transit. Many municipalities chose to use their PTP surtax dollars to run fare-free circulators for residents within their boundaries. Javier Betancourt, executive director of the Citizens’ Independent Transportation Trust, the entity that oversees the PTP money, said municipalities aren’t required to run circulators with the surtax money, “though most do.” At last week’s Executive Policy Committee, board members analyzed a comprehensive map, which showed existing municipal circulators superimposed on the county’s transit services. “I’m really happy about what I’m seeing,” said Miami-Dade Commissioner Sally Heyman, voting member on the committee. Ms. Heyman said she now feels comfortable telling residents how

‘People ride trolleys more than buses because they’re free. They are efficient, clean and pleasant.’ Vince Lago

‘We are talking about realistic, fast solutions we can bring to the residents.’ Rebeca Sosa the PTP money has been spent since its inception 15 years ago: “I can tell them that we have wisely invested in our cities so they can run their circulators,” she said. Coral Gables has had about 1.2 million rides on its trolley system, said Mr. Lago, voting member on the executive policy committee. Coral Gables goes beyond its 20% PTP transit requirement, allocating all of its PTP funds toward its trolley system, Mr. Lago said, and the city is hoping to further expand its system.

Miami-Dade Commissioner Rebeca Sosa, who chairs the TPO’s executive policy committee, said the committee needs to find a way to fill the gaps in circulator services throughout the county. Ms. Sosa said the county buses should connect with city circulators to ensure that all incorporated and unincorporated areas have nonstop service throughout the county. Using a map provided by TPO Executive Director Aileen Bouclé, committee members analyzed the areas being serviced by county transit and by municipal circulators. “The best thing is to bring each city to the border and have a stop where the next city picks up,” said Medley Mayor Roberto Martell, voting member on the executive policy committee. Ms. Heyman pointed out that Florida City receives PTP surtax dollars, but the 20% transit allocation isn’t being spent on a municipal circulator. Ms. Sosa suggested introducing a resolution to the TPO requiring a full audit of the municipalities’ use of CITT surtax money every two years to make sure the dollars are funding transit expansion. Mr. Betancourt told the committee that his office works with Commission Auditor Cathy Jackson to audit the municipal PTT funds. “I want you to prepare a complete report of how much the cities are getting and what they are doing with the money,” Ms. Sosa told Mr. Betancourt. While a formal vote wasn’t taken, Ms. Sosa said “this is the beginning of many discussions” about how municipalities use PTP money and how the TPO can best connect all circulators to create one comprehensive system. “We are talking about realistic, fast solutions we can bring to the residents,” Ms. Sosa said. In addition to the audit, Ms. Sosa suggested the TPO “make sure that cities are using their share for transportation,” to avoid gaps in service around the county.

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MIAMI TODAY

VIEWPOINT

WEEK OF THURSDAY, MARCH 22, 2018

Miami Today is an independent voice of the community, published weekly at 2000 S. Dixie Highway, Suite 100, Miami, Florida 33133. Telephone (305) 358-2663

Balancing act vital as Miami ponders future of city assets Miami is weighing the best uses of its assets. New commissioners Joe Carollo and Manolo Reyes are asking hard questions about properties that could yield hefty income were the city to sell or lease them. These commissioners point to large looming obligations – a court case and an employee settlement – and see city properties as a lifeline as well as a buffer against other unmet needs or some future property tax slump. So they’re asking pointedly about the highest and best uses of lands. Other commissioners seem to see the city retaining lands or turning them to nonprofit uses that residents can most enjoy. Cases in debates now are a possible soccer stadium on a municipal golf course and an expansion of the Miami Children’s Museum on city-owned Watson Island. Both commission viewpoints seek maximum value. But one concept of maximum is highest income for the city while the other is best service to residents.

No formula can tell which choice is best at any site. It’s probably a bit of both. The final judgment will rest on each commissioner’s concept of service coupled with a realistic look at the city’s fiscal needs. But one other key factor affects any decision: using valuable property to plug budget holes works only until you run out of property. The more the city deals away, the less there is left for future big emergencies that always arise. Miami long has been a poor steward. It ran into the ground many properties it operated – the Orange Bowl Stadium, Bayfront Park’s Pepper Fountain, the Coconut Grove Convention Center, Miami Marine Stadium or… you name it. Miami has had a large appetite for municipal assets but a small budget to maintain or run them, repeatedly handing assets to operators that failed to maximize either revenue to the city – think of the Coconut Grove waterfront – or the value of the assets to residents. Mr. Carollo is looking at city-owned Melreese Golf Course that is now leased to a private club with the thought that a developer could hand the city a very large revenue stream for all 179 acres. The city now has a deal with the golf course operators. Setting that aside, any other use would strip away urban sports parkland that

L etters Texas transit outsourcing saves funds, users happy I live in Texas. We had the same problem here. The city decided to outsource the transit system. They hired a company that’s nationwide (MV Transportation Inc.). They found solutions, providing great customer service, Friendly drivers, reliable transportation and providing freedom to people. Giving them their life back. Hence, this saves the city tons of money and happy taxpayers. Give them a shout; I’m pretty sure they’ll love to be in Miami. They have a good rep on technology and transportation services. John Jay

Use new transit corridors

I’ll pass along an idea I’ve been pushing in Cincinnati to build a separate grade Bus Rapid Transit system using narrow transit corridors that run like highways by adding side lanes at stops. This allows for limited stop and non-stop service on single lanes in each direction. While public service runs limited stop and non-stop to busy transfer hubs, private service can purchase access rights to the corridors to offer direct to location service. This provides public transit with a new revenue stream and riders with a variety of options. Curt Parrott

Try bus lanes, bypasses

One thing that can be done with relatively small investments is bus lanes and queue bypasses. They both reduce operating costs and increase ridership. But most elected officials remain opposed despite its justification based on space efficiency alone. Many officials are also copping out by trying to claim that transit is obsolescent and therefore investment is not needed. But replacement with small one-party vehicles is not physically possible, a point that just seems to not get covered in almost any newspaper. Finally, like Washington State,

now yields little cash to the city but great value to the users. How could the city balance the value of grass and public enjoyment against the undoubted value of either a continuous revenue stream or a one-time payment to a needy city? It’s complex. Multiple moving parts include not just each asset but everything else going on in city hall. That means officials can’t make these tough decisions based on the land asset in isolation. We have long advocated for a City of Miami trust to care for its assets like its marine stadium, its waterfront parks, its Knight Center on the river and more, using revenue from some assets to maintain others that serve the public but never yield profits. There are reasons for that advocacy. The city over the years has dumped its biggest assets rather than properly fund them. Some it gave away to save money: Miami International Airport, PortMiami and water and sewer infrastructure all once belonged to the city, not the county. All three are cash generators now, key community assets, but the city gave them all away to cut costs back then. The city also yielded Bobby Maduro Stadium, our old baseball stadium; the Orange Bowl Stadium; the Coconut Grove Convention Center; the Miami Arena, and more. Show us, please, any valuable assets it got in return. In the case of the Miami Arena,

to the

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the root problem is the lack of a Florida state income tax. The Miami region is building almost nothing for decades, the Seattle region is taking 40 years to build a basic system. Eric Bruun

E ditor

based on the cost of construction. I can’t be accused of corporate self-interest, because Florida Gas was selling natural gas to FP&L to generate the electricity and because of efficiency differentials, more natural gas would be sold to FP&L than to the county to operate the trains. Maybe rail expansion would be more affordable if they would think outside the box. It is sad to see, all these empty trolleys driving around the various cities consuming funds that were to be dedicated to rail transportation. Richard Mason

Natural gas was best pick If Beach transit link open to cut costs of Metrorail to competition, all will win Recently, you had an article on the transportation issues in Miami-Dade County that concerned the Metrorail. At the time of the talk and public hearings for the planned Metrorail, I was the division sales manager for the Miami Division of Florida Gas Co. I attended the meetings and met with several people who were involved in the project. My interest was as both a taxpaying citizen as well as a representative for the local natural gas utility. I presented the benefits and the large savings in both construction costs and operating expenses that could be enjoyed if the system was built utilizing naturalgas-burning, motor-driven trains rather the planned electric rail system. One major benefit would be that the county would have operational trains during electric outages and post-hurricane blackouts when rail transportation is greatly needed. Plus, the savings would be significant to maybe run a longer rail line or have funds to start the next rail expansion. The decision to go electric puzzled me when it was not the wisest choice by all engineering standards. Disneyworld was using natural gas on buses and other transportation systems. Then I learned the contract was a designand-build contract, with all fees to the builder

the city was left afterward with $26 million in construction debt and no arena. Part of the puzzle is the true purpose of municipal government. If it’s just to maximize income, the city should sell off city hall, police headquarters, fire stations and so on and halt all services. If it’s just to provide everything residents could possibly want, we can have hundreds of parks, build low-cost public housing, do anything we can think of and tax residents to pay for it all. The only limitation would be the allowable tax ceiling. Clearly, neither extreme is desirable. The basic question commissioners must wrestle with is where to draw the line. Discussion of that line at city hall is healthy. One faction will lay out all the potential fiscal showers likely to rain down on the city. The other side will stress the impact of municipal assets that can never pay their way. If a city was a profit machine, after all, there would be no need for taxes. So commissioners, as always, will juggle as they try to balance one aim against another of similar importance. If they do that civilly and thoughtfully, they will fulfill their elective roles. Let’s hope they also do so wisely. We’ve already given away the airport, the seaport, the municipal utility and major sites on our waterfront. There should be no more unrewarded gifts.

There are several pod systems on the market, not just this one. Building a petite elevated guideway would separate the foot traffic from the deadly heavy equipment. The pods need to run every few seconds, exceeding the riders served by antique trolley cars running every 30 minutes on a loop. TriTrack is one alternative that may be offered for free to Miami-Dade County as a user-pay alternative to endless government charity. We were rejected by the Florida Department of Transportation and the Department of Transportation engineer fired for daring to suggest a free system down the Florida Keys. If this opportunity is opened up to competition, the public will win. Jerry Roane

System can move 7,200 hourly, topping light rail

This is an ideal people mover alternative. People should realize these small vehicles can move more than 7,200 people per hour on a single line. That’s usually a lot more than the relatively heavy and expensive “light rail” usually moves. And those are conservative numbers. It’s likely a system built today can probably move 10,000 people or more per hour. It will be many years before the demand ap-

proaches those numbers. This is a SMART and economical choice, and the leaders who have come to this conclusion need to be congratulated. Ed Porter

Don’t pay commissioners $100,000 per year A recent article “Should Miami-Dade commissioners make $100,000 a year? Voters may decide…again” set my teeth on edge. With so many Miami-Dade residents struggling to make ends meet, the idea that elected public servants might get a 1566% raise is unbelievable! I realize that a number of things must happen for the raise to go through, including putting a salary-increase amendment on the ballot in November, but I hope it won’t come to that. Perhaps commissioners should make more than their current salary and perks, but elected officials hold a public trust and they are stewards of public funds. Mindy Rivero

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MIAMI TODAY

WEEK OF THURSDAY, MARCH 22, 2018

TODAY’S NEWS

Parking authority seeks eased traffic at growing HQ garage By John Charles Robbins

Officials with the Miami Parking Authority are working on measures to ease anticipated traffic congestion around its flagship garage and headquarters, Courthouse Center Garage at 40 NW Third St. This preemptive planning is occurring as construction is about to commence on the vacant corner adjacent to the garage, which will be home to Grand Station, a mixed-use residential tower. The project is a major publicprivate partnership. The parking agency owns the land and has an agreement with Grand Station Partners LLC to build the project. “We are rollin,’” said Art Noriega, authority CEO, in comments to the Off-Street Parking Board at its March meeting. Mr. Noriega said they are finalizing logistics for the Grand Station project and are to begin site work soon. He said there is concern the added construction will worsen existing traffic congestion in that area of downtown, noting that MiamiCentral, the massive transportation station, is under construction a half-block away. The private venture will be home to the Brightline passen-

‘I have a little concern, with Brightline coming in, there’s so much construction there may be a little gridlock.’ Art Noriega

The site of the Grand Station, a residential tower that will add 376 parking spaces tied to the city’s garage.

ger rail service, and eventually include apartments, offices and retail uses. “I have a little concern, with Brightline coming in, there’s so much construction there may be a little gridlock,” said Mr. Noriega. The Courthouse Center Garage, with its centralized location, is heavily used and the authority wants to keep its customers happy. “It could be hard to get around – we’re being hypersensitive to that and it’s something we’re working hard on,” he told the board.

“We are being extra vigilant on how the traffic management plan is done,” Mr. Noriega said. The work on MiamiCentral has impacted traffic patterns for years, with portions of Northwest First Avenue and Northwest Fifth Street closed to public use. Northwest Third Street, west of the parking garage, recently saw reduced travel lanes and it became one-way as construction intensifies. Brightline hopes to begin rail service from MiamiCentral at the end of April, but the

construction is far from over. Stores, offices and residential towers growing as part of MiamiCentral will continue for some time. Opened in 2010, Courthouse Center Garage is a public parking facility with upper and lower office space and some ground-floor retail. The largest office user in the building is the parking agency itself, in about 10,000 square feet on the top floor. Vehicles can access the parking levels from Northwest Third and Second streets.

Grand Station is to rise on the adjoining corner property, 240 N Miami Ave., an undeveloped site that has been home to grass, sidewalks and small trees. As for the new building, Grand Station will have an 8-story pedestal of new parking with about 376 spaces, tied into the existing 11-story garage. The main portion of the project is a 33-story residential tower identified as multi-family with about 258 apartments. The new building will also have about 5,000 square feet of ground floor retail uses.

Boxed in by traffic, transportation planners seek new home By Gabi Maspons

As the Miami-Dade Transportation Planning Organization works to find cheap, innovative solutions to alleviate traffic throughout the county, it is also looking for a new home in the Stephen P. Clark Government Center.

At the organization’s Executive Policy Committee last week, members said it is imperative that the organization be located to larger offices in Government Center to work more closely with county officials. “Let’s push for what the TPO deserves,” said TPO Executive

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Policy Committee Chairwoman and Miami-Dade Commissioner Rebeca Sosa. Ms. Sosa is pushing for the planning organization to have expanded offices in the Government Center at 111 NW First St., where county commissioners, Mayor Carlos Giménez and many other county officials have offices and regularly meet. Ironically, the same traffic concerns the TPO aims to solve prevent it from being able to move elsewhere for a larger office space. “We have everything here that we need here and we cannot lose time with traffic,” Ms. Sosa said, referring to Government Center. TPO Executive Director Aileen Bouclé said she has been working on the TPO chambers and office space issue since she took her position in 2016. Ms. Bouclé said she hasn’t been able to grow the TPO and hire staff because of the lack of office space. “When I started, we had several vacancies and haven’t had the space to fill them,” Ms. Bouclé said. The TPO has voted on a resolution to send to the county commission that would direct Mr.

‘When I started, we had several vacancies and haven’t had the space to fill them.’ Aileen Bouclé Giménez and his administration to provide adequate office space. “We’ve made multiple attempts, but up until today there is not sufficient space,” Ms. Bouclé said at the committee meeting. Ms. Sosa said that is impossible, and she will be working to find space within Government Center for the TPO offices and chambers. “I spoke to Deputy Mayor Alina Hudak yesterday and I can tell you that there is space,” Ms.

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Sosa said. “The TPO voted and our decision has to be respected.” “If they don’t want me walking every floor of this building – and I’m pretty sure they don’t want me doing that – then they have to solve this situation,” Ms. Sosa said of the county administration. Medley Mayor Roberto Martell, voting member of the TPO Executive Policy Committee, said this is a small step to help solve county transit issues: “We need people who are comfortable,” Mr. Martell said. “That is how we will get the most out of them.” When Ms. Bouclé said her office will be conducting research to find offices outside of Government Center in the event there is no space, Ms. Sosa said that is not an option. “Transportation is a priority in Miami-Dade County and we want this to stay in the building so we can take immediate action,” Ms. Sosa said. After hearing that Ms. Bouclé sent a letter to the county administration that has gone unanswered, Ms. Sosa responded, saying she was going “to the 29th floor” to resolve the issue, referring to the floor where Mr. Giménez has his office.

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Spike Productions Corp. Biscayne Park. France Sports. Countywide, Miami Beach citywide. Pro One Productions Inc. Miami Beach. Bonprix Fashion Summer III. Countywide, Miami Beach citywide. Swann-Niemann Inc. Elliottsberg. Cato Spring. Countywide, Miami Beach citywide. University of Miami: School of Communication. Coral Gables. Short Film Year 1. University Gardens Sub No. 3. White Elephant Group LLC. Miami. Untitled ASFI Student Project. Southwest 218th Street Sidewalk, Super Food Market.

MIAMI TODAY

WEEK OF THURSDAY, MARCH 22, 2018

TODAY’S NEWS

Six Edgewater developments roll ahead, but what follows? By Rebecca San Juan

New projects adorn Biscayne Bay at Edgewater. As six developments take a step toward completion, some locals wonder when more goods and services will also follow the real estate boom into the area. Jaret Turkell understands the growing appeal with the area. Mr. Turkell, the managing director at Holliday Fenoglio Fowler, said, “Location-wise it’s closest to some of the hottest neighborhoods in Miami. Point two is the sweeping wide bay views.” Current developments include: The recently completed 2500 Biscayne, by 2500 Biscayne Property LLC, offers 166 units for rent. The building features 19 floors, 271 parking spaces, and a preserved ground floor retail component constructed during the 1920s. The retail portion once connected to the Wolpert Apartments. Iris Escarra, shareholder and co-chair of the Land Development Group of Greenberg Traurig, said, “It’s in the process right now of filling in. They got their certificate of occupancy so they’re now moving in the tenants.” Aria on the Bay at 1770 N Bayshore Dr. is to begin closings in the next 30 to 45 days. Nicolás Bárbara, the sales director for the condo at Cervera Real Estate, says 90% of the 648 units are sold, including four commercial spaces. Regular units range from 813 to 2,362 square feet. Developer Melo Group hopes to sell the remaining 70 units this year. Price tags dip as low as $400,000 for one bedrooms and rise to $1.8 million for three bedrooms. Luxury condo Elysee at 788 NE 23rd St. offers 100 units, 50 of which are sold. Two Roads Development plans to complete the project in 2019. The three- to five-bedroom units spread across 57 floors, start at $1.5 million. Mill Creek Residential expects to complete its market-rate rental building by December. Ryan Bailine,

Photos by Cristina Sullivan

Continuing the Baywalk from Museum Park to Northeast 36th Street is an aim of Carlos Rosso of Related.

shareholder at Greenberg Traurig, said, “Mill Creek and their partners saw the opportunity to get in at the ground level in one of the many emerging neighborhoods in Miami and Edgewater provided an attractive opportunity.” Modera Edgewater 25, currently undergoing construction at 455 NE 24th St., offers 297 units spread across eight stories accompanied by a 417-vehicle garage. Developers for Missoni Baia at 777 NE 26th Terr. expect to complete construction by fall 2020. Developers OKO Group LLC, OB Group, and Cain International plan to include 249 units of one to four bedrooms at prices ranging from $550,000 to $3.5 million. Condo units vary from 1,100 to over 3,000 square feet at $650 per square foot. Workers broke ground in October and now the project moves skyward. Edgardo Defortuna, president and CEO of Fortune International Group, said: “We’ve very happy with the sales process and construction progress.”

Paraiso District features several luxury condo buildings, Paraiso Bayviews, Paraiso Bay, One Paraiso and Gran Paraiso, and Paraiso Bay Homes, eight townhomes at 600 NE 31st St. Paraiso Bayviews offers 345 units, 13 of which are still on the market. Paraiso Bay consists of 317 units, all sold. One Paraiso sold the remaining 276 units within the past 45 days. Gran Paraiso offers 317 units with fewer than 30 remaining. Listing prices range from $600,000 for a one-bedroom with a den to a unit with four bedrooms at $1.6 million. One of the eight townhomes of Paraiso Bay Homes remains available. The homes face the water, Michael Schwartz’s Amara restaurant, and a soon-to-debut public park. The park will replace the current sales office on site. Carlos Rosso, president of the condo division at Related Group, said, “It gives that sort of neighborhood scale.” Chef and owner of Amara Mr. Schwartz sees reservations climbing and remaining steady. At one point, his restaurant seated 400 per night, spacing out reservations every 15 to 20 minutes so as to not overwhelm his staff. He said, “Business has been great. As the word starts to get out that this exists and when residents move in, we expect it to just be busier and busier.” Newly completed projects experience continued interest. Karen Elmir, CEO of Elmir Group with Cervera Real Estate, sees such attention at Biscayne Beach Residences. The condo building sits at 2900 NE Seventh Ave. All the resale units range from $400,000 for a one-bedroom to $2.5 million for four bedrooms; the two penthouses, providing two floors, a private elevator and a pool, sell for $9.4 million and $10.5 million for over 10,000 square feet. She says one big draw is the location central to the trendier neighborhoods and the access to the MacArthur Causeway. Despite an injection of new real estate projects, neighborhood attention often shifts to the lack of goods and services. One proposed addition includes a bayfront walkway. Mr. Rosso continues to push for such a vision with the Biscayne Line project, spanning Northeast 36th Street to Museum Park. Mr. Rosso said, “There’s a misThe Paraiso District features several luxury condominium buildings. conception that private access to the

water makes it more valuable. But when you go to places like Central Park or Ipanema in Rio de Janeiro what makes it more valuable is that people are walking in front of the buildings, look back, and say, ‘Wow, I wish I could live here.’” Commissioner Ken Russell supports the plan. In a statement, Mr. Russell wrote: “I sponsored an ordinance that would allow the city to obtain an easement and construct the Baywalk in advance of any redevelopment on these properties, and to obtain a reimbursement from the property owner when the land is redeveloped in the future.” The city commission didn’t approve his offering, but Mr. Russell said he hopes to propose more legislation on the matter. Besides a Baywalk, Madeleine Romanello, broker associate at Compass, says the area also needs large workspaces, another supermarket and a public school that can sustain the area’s current growth. President of Biscayne Neighborhoods Association Andres Althabe

agrees that a public school is critical to maintaining the influx of growth. “We have been in conversation with the school board trying to open other options for public schools that are not just charter,” he said. Some money is promised for a new site, he said, but the process is not moving fast enough. “I know people who are moving to other neighborhoods like Coral Gables because of schools. To keep this real estate cycle going, we have to give them school options.” One small step might make a difference. Alicia Cervera, managing partner at Cervera Real Estate, said, “The east Edgewater neighborhood is transforming hugely from what was a single-family home neighborhood to a high-rise vertical community with very high-end residences. That has to be supported by good zoning guidelines and enforcement of ordinances that allow for clean, healthy living.” Maintaining the area’s large population of ducks may be one place to start, Ms. Cervera said. “This is a neighborhood filled with ducks, which can be turned into something positive. As Coconut Grove has the peacocks, maybe there needs to be a duck patrol.” Other needs and services are waiting to be met, such as a local library. Director of the Miami-Dade Public Library system Ray Baker said, “I wouldn’t say we have the budget to have a library in every growing neighborhood of the entire county. Any opportunities where a developer or someone is offering very low-cost space or even free space is something that would help us along in terms of being able to start planning a new service point.” Taylor Collins, managing partner at Two Roads Development, remains hopeful. “What’s funny about real estate development is commercial always follows residential,” he said. “If you want new commercial, the residential has to go in, then the restaurants and stuff like that.”

Closings are to begin within 45 days at the 648-unit Aria on the Bay.

MIAMI TODAY

WEEK OF THURSDAY, MARCH 22, 2018

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MIAMI TODAY

TODAY’S NEWS

WEEK OF THURSDAY, MARCH 22, 2018

Fund bid crests wave of news swirling in Virginia Key basin By John Charles Robbins

The Miami City Commission has approved an application seeking funding from a state agency to help pay to construct the Virginia Key Boat Launch and Trailer Parking Area, on the historic basin west of Miami Marine Stadium. The proposal is just one of many items related to the basin in the news of late, including plans for a speedboat racing weekend in April, the status of the city’s plans for a mooring field, and the fate of major plans for redeveloping the marinas on the barrier island. The city is also in the midst of a multi-million-dollar restoration of the famous waterfront stadium, closed since Hurricane Andrew in 1992. At the same meeting, commissioners were to consider a vote on an application for grant money to help construct a mooring field in the basin. However, the administration withdrew that from the agenda at the start of the meeting. The Virginia Key Advisory

The Coast Guard is considering a regulatory plan for speed boat races planned for the basin in April.

Board has been critical of the city’s continued push to establish a mooring field in the historic basin, and has urged commissioners to slow or stop the project. The latest discussion and vote came at an advisory board meeting Feb. 27.

The board unanimously approved a resolution basically calling on the commission to hold off on the mooring field project until other options are considered. The resolution notes that city officials say there is a need to address the anchoring of vessels,

derelict vessels, and other possible safety violations within the waters of Marine Stadium Basin, and staff is proposing a 45-vessel mooring field be located in the central portion of the basin as the primary means of regulating vessel usage and anchoring there.

Members of the Virginia Key Alliance, which speaks for nearly 700 active and passive water sports users of the basin, say they believe the location and design of the proposed mooring field will significantly interfere with or prohibit their continued use of the basin, the resolution says. In the resolution, the advisory board requested the city commission to establish as a 2019 legislative priority amending a section of state law designating the waters of Marine Stadium Basin “a limited anchoring area” and work jointly with the Virginia Key Alliance to develop the amendment. This would give the city enforcement powers over boating activity in the basin. The resolution continued: “… further recommending the City of Miami withhold entering into construction contracts for the proposed mooring field or commencing construction of the proposed mooring field while a statutory amendment to designate the basin as a limited anchorage area is being pursued,” and requesting the commission direct staff to investigate all available methods for addressing the anchoring of vessels, removal of derelict vessels, vessels “at risk” of becoming derelict, and enforcement of the waters of the basin under current state and local laws as possible alternatives to constructing a mooring field within the basin. The next meeting of the Virginia Key Advisory Board is 5:30 p.m. March 27 at City Hall, 3500 Pan America Drive. The planned boat launch and trailer parking area project has a total estimated cost of $2.5 million. The commission approved the application for a reimbursable grant to the Florida Inland Navigation District (FIND) Waterways Assistance Program of up to $1,250,000 to construct the boat launch and trailer parking area. In the event of the award, the resolution authorizes the 50% required matching funds up to $1,250,000. At the request of the administration, city commissioners on March 8 approved an indefinite deferral of two resolutions tied to approving a major redevelopment of city-owned Rickenbacker Marina and Marine Stadium Marina on Virginia Key. Meanwhile, the US Coast Guard is considering a local regulatory plan for a speed boat race planned for the basin. Powerboat P1 USA LLC plans for the Miami P1 Grand Prix of the Sea to open its 2018 P1 USA Championship racing season. Plans filed with the city – owner of the stadium and basin – show the weekend event is planned with setup Friday, April 20, and racing Saturday and Sunday, April 21 and 22. The event will include power boat races and personal water craft (Jet Ski) races. The boats are 24- to 28-footers with stock Mercury outboard motors. The organization said the Miami event will be televised and open to the public free, while VIP seating is being sold. Details: p1aquax.com and p1superstock.com

MIAMI TODAY

WEEK OF THURSDAY, MARCH 22, 2018

Banking & Finance

Big depositors will benefit most as interest rates keep rising By Rebecca San Juan

Prime interest rate hikes mean bank customers may have more money in their pocket. As local interest rates rise, long-time savers may see the difference in the coming months. “The impact of rising interest rates should already be felt on deposits that have a short maturity,” said Nathaniel Karp, chief economist for BBVA Compass. The extent of the increase varies, said Manuel Lasaga, president of StratInfo in Miami. “Our banks may not necessarily raise the interest rates on a one-to-one basis to increase of the Fed’s funds rate,” Mr. Lasaga said. “Perhaps those funds are less sensitive to changes in interest rates. What the banks have been paying on their deposits has not risen to the same extent that we’ve seen in the past year in the Fed’s funds rate.” Retirees and others with a larger savings account will see a higher return, Mr. Karp said. “The fact that we’re heading into higher interest rates, I think that’s going to be mostly beneficial to people that have a large amount of savings because now they’re going to get a bigger return for this wealth and it’s going to allow them to have a higher string of income coming in,” he said. Mr. Karp says those with minimal savings, such as the millennial generation launching into a career or graduating from college, won’t see much benefit. “For these individuals, the low interest rate environment has benefited them because they’ve been able to borrow at the lower rate,” Mr. Karp said. “Now that rates are moving back up, they don’t benefit that much from their savings because their savings are still small, but then they have to pay a higher interest rate on their borrowings.”

‘The impact of rising interest rates should already be felt on deposits that have a short maturity.’

‘Our banks may not necessarily raise the interest rates on a oneto-one basis to increase of the Fed’s fund rate.’

‘Banks tend to pay higher rates for higher amounts because then you can use that deposit and lend the money out.’

Nathaniel Karp

Manuel Lasaga

Tony Villamil

Senior advisor of the Coral Gables-based Washington Economics Group Tony Villamil explains the math behind why larger savings incurs higher interests.

“Usually banks tend to pay higher rates for higher amounts because then you can use that deposit and lend the money out,” Dr. Villamil said. “The cost of

processing the deposit is lower because you have a higher amount per dollar per deposit. If you bring $250,000 or $1 million, I may negotiate with you a higher rate

because it costs me less to process per unit per dollar deposited.” Customers can expect both multinational and community banks to reward them. Calixto Garcia-Velez, executive vice president and regional executive for FirstBank Florida, says some customers may reap higher benefits at a community bank. “Typically, national banks pay much lower interest rates than community banks because national banks for the most part as a general rule have a lot more deposits than they usually need, meaning that they have more deposits than they have lending needs,” Mr. Garcia-Velez said. “Even as interest rates go up, they are not very responsive in passing the interest rate increase to their customers because they don’t need to.” Percentage increases might not rise for some time on payments banks make to their customers. “The federal funds rate is still awfully low,” said Mark Vitner, managing director and senior economist at Wells Fargo. “We’ve never seen interest Mark Vitner rates this low occur, between 1.25% and 1.5%. That said, deposit rates have started to rise. They’re not likely to rise in lock step with the federal funds rate until the federal funds rate gets maybe a percentage higher or more.” While some may benefit more than others, Mr. Karp says the hikes in interest rates benefits everyone, seeing that they indicate a healthy economy. “When you have higher interest rates coming from stronger economic performance,” he said, “it’s good for everybody in general.”

Rising rates might not drive banks’ bottom lines skyward By Rebecca San Juan

The trend of rising prime interest rates doesn’t necessarily mean that revenue for banks also rises. While banks prefer rates to rise, it doesn’t necessarily mean an increase in return on equity immediately follows. “Rising interest rates generally help banks,” said Ken Thomas, president of Community Development Fund Advisors. “Banks like it when rates go up. Why? Because banks are very quick to raise their loan rates because many of them are tied to the prime rate. They don’t automatically increase their deposit rates. With the increase in interest rates in recent years, banks have had a lot of increased profitability and are very happy with it.” Each bank will likely have different experiences regarding interest rates hikes. “Depending on how each bank’s balance sheet is structured, it could be either a

positive or a negative,” said Calixto Garcia Velez, executive vice president and regional executive for FirstBank Florida. Asset-sensitive banks may not benefit from rising prime interest rates, Mr. GarciaVelez said. “If the majority of your loan portfolio, which are your assets in a bank, are fixed rates and rates are going up, then your cost of deposits is going to increase and therefore your margin or your spread between the deposits and your loans is going to shrink and it’s going to be detrimental for you,” he said. Mr. Garcia-Velez says that increasing prime interest rates means customers expect banks to pay a higher deposit. Banks, therefore, might not see their equity grow as one might assume. An increase in rates never means an immediate positive reaction. Take, for example, the dip in the past fourth quarter down to 8.4%.

However, Dr. Thomas says there exists no correlation between interest rate hikes and a lowered return on equity rate. Tax reform caused the change in return on equity. After reviewing data by the Federal Deposit Insurance Corp., he said, “a net loss of $18.3 billion in the fourth quarter due to a $22 billion one-time charge related to the new tax law. $22 billion for one quarter.” Tax reform presents a long-term benefit to bank equity despite causing a short-term problem a few months back. “The tax reform is a boon to banks,” said Philip Guarco, manag- Philip Guarco ing director at JP Morgan. “That’s why since the tax reform was announced, bank stocks did very well.” On the other hand, the legislative change

caused some large banks to suffer losses in the fourth quarter of 2017 due to two reasons. First, Mr. Guarco said, some international banks returned tax on overseas profits they didn’t have to pay before the changes. “The international banks had to put aside money for that,” Mr. Guarco said. “And then what the tax change also did was it disallowed certain deferred tax assets that a number of large banks had relating to the crisis. What happened back in the crisis, a lot of banks had so many losses, that they couldn’t take them all against their income.” But all banks that prepared for a steady increase in prime interest rates can, Mr. Garcia-Velez said. “Those banks that were preparing for the eventual rise in rates and managed their balance sheets appropriately should be well positioned for a rising rate environment.”

MIAMI TODAY

WEEK OF THURSDAY, MARCH 22, 2018

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