FRPA Journal - Fall 2016 - 15

ECONOMIC IMPACT OF THE UNDERLINE By Mark Heinicke, Miami Dade Parks, Recreation and Open Spaces The Underline will be a 10-mile linear park, urban trail and living art destination running below Miami's Metrorail from the Miami River to Dadeland South. The Underline's Economic Impact Study December, 2015, prepared by HR&A of New York, revealed numerous opportunities for real estate growth and development. * $300-485 million in incremental assessed value for property owners * $120-200 Million in new tax revenue generated over 20 years * Increased property values will equate to $6 to $10 million in new annual tax revenue for Miami-Dade County and the cities of Miami, Coral Gables and South Miami NEW PLANNED TRANSIT-ORIENTED AND OTHER DEVELOPMENT The Underline will become a signature linear park and urban trail improving the quality of life for Miami-Dade County residents and generating economic benefits to thousands of residents, businesses and properties. It will create a new type of open space amenity that connects neighborhoods and bolsters existing transportation nodes throughout the 10-mile corridor, expanding the benefits of health and wellness to local residents through new recreational and transportation alternatives. As a new signature open space, it will strengthen the civic fabric and brand of Miami-Dade County. The Underline will also catalyze new real estate development and increase the value and fiscal potential of surrounding properties, which will benefit from proximity to open space, access to destination programming and improved urban connectivity. REAL ESTATE APPRECIATION * Properties directly adjacent to the corridor will increase immediately by 25 percent. * $3 Billion current pipeline of new development planned near 10-mile corridor * $150 million incremental assessed value created * $60 million in new tax revenue generated over 20 years CONSTRUCTION AND OPERATIONAL IMPACT * One thousand jobs from construction and 400-plus jobs from operations * $170 million in total economic output during construction * $50 million in economic activity annually after completion This study measured the direct and multiplier, or induced and indirect effects, of the projected $110-120 million total capital construction costs of The Underline. The $110-120  million construction of The Underline will create a total of more than 1,000 jobs throughout the duration of the park's construction, with an average compensation of more than $44,000 per new job created. The construction will also increase new spending, creating more than $170 million of new direct, induced and indirect economic activity throughout the region. All values are in 2016 dollars. Given the phased development of The Underline, values are presented across the total capital investment. For example, should build out of The Underline occur steadily over 10 years, approximately 100 full time equivalent (FTE) positions would be created. Studies of similar signature linear parks across the country indicate that the value of nearby residential and commercial properties increased by about three to five percent with the creation of nearby open spaces, with the greatest impact occurring on properties directly adjacent to the park. When applied to the 9,000+ residential, office and retail parcels likely to be impacted by The Underline, this approximate three to five percent value premium is anticipated to create $300 to $485 million in new assessed property value translating to new value for landowners. This calculation assumes total values in 2015 dollars following full buildout of the park. Based on this projected increase in property values, The Underline is expected to generate an additional $6 to $10 million in annual incremental property tax revenue for the county, local municipalities and other taxing jurisdictions. These estimates are calculated in 2015 dollars, and assume full buildout of the park and resulting real estate value growth. The majority of new tax revenue will accrue to Miami-Dade County, the City of Miami and Coral Gables. ■ fall 2016 | frpa journal 15

Table of Contents for the Digital Edition of FRPA Journal - Fall 2016

A Message from the President of FRPA
A Message from the Executive Director of FRPA
Parks and Recreation: What is the Real Value in What We Do?
FRPA Agency Profile
Book Review
Economic Impact of the Underline
Urban Forest Management – The City of Tampa’s Story
The Importance of Structural Pruning of Hardwood Trees
A City’s Rebirth through Park Improvements
“Thank You for My New Bicycle”
Florida’s Emerging Trail Towns
New Urbanism… What’s It All About?
Index of Advertisers
FRPA Journal - Fall 2016 - cover1
FRPA Journal - Fall 2016 - cover2
FRPA Journal - Fall 2016 - 3
FRPA Journal - Fall 2016 - 4
FRPA Journal - Fall 2016 - 5
FRPA Journal - Fall 2016 - 6
FRPA Journal - Fall 2016 - A Message from the President of FRPA
FRPA Journal - Fall 2016 - A Message from the Executive Director of FRPA
FRPA Journal - Fall 2016 - 9
FRPA Journal - Fall 2016 - Parks and Recreation: What is the Real Value in What We Do?
FRPA Journal - Fall 2016 - 11
FRPA Journal - Fall 2016 - 12
FRPA Journal - Fall 2016 - FRPA Agency Profile
FRPA Journal - Fall 2016 - Book Review
FRPA Journal - Fall 2016 - Economic Impact of the Underline
FRPA Journal - Fall 2016 - Urban Forest Management – The City of Tampa’s Story
FRPA Journal - Fall 2016 - 17
FRPA Journal - Fall 2016 - The Importance of Structural Pruning of Hardwood Trees
FRPA Journal - Fall 2016 - 19
FRPA Journal - Fall 2016 - A City’s Rebirth through Park Improvements
FRPA Journal - Fall 2016 - 21
FRPA Journal - Fall 2016 - “Thank You for My New Bicycle”
FRPA Journal - Fall 2016 - 23
FRPA Journal - Fall 2016 - Florida’s Emerging Trail Towns
FRPA Journal - Fall 2016 - New Urbanism… What’s It All About?
FRPA Journal - Fall 2016 - Index of Advertisers
FRPA Journal - Fall 2016 - cover3
FRPA Journal - Fall 2016 - cover4
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