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Inside South Florida - 15

July 11th, 2022

Miami double decker highway and bridge

Expected to complete by 2026,the massive project that is the i-395 will result in Miami getting its very first double decker highway and bridge in the hopes of managing traffic and routes more efficiently in the city.

The i-395/SR 836/i-95 is essentially an extension of MDX’s existing program for the SR 836 and will basically be double-decking SR 836, starting east of the toll gantry at NW 17 Avenue, creating a raise in the middle, and closing down again at t I-395, east of the I-95 interchange.

New Florida Real Estate Laws Effective July 1st

Hometown Heroes – The 2022-2023 fiscal year budget (HB 5001) include $100 million to fund the Hometown Hero Housing Program backed strongly by Florida Realtors®.

Home hardening and other tax breaks for Floridians – HB 7071 includes the “home hardening” initiative, a 2022 Florida Realtors’ legislative priority that provides sales tax relief to homeowners who harden their homes from storms.

Flooding and sea level rise resilience – HB 7053 establishes the Statewide Office of Resilience within the Governor’s Office, with the governor appointing the Chief Resiliency Officer.

Private property rights – SB 518 helps property owners who wish to prune, trim and remove trees that present a danger to their property by strengthening a 2019 law passed that prohibits local governments from requiring permits for the removal of “dangerous” trees on residential property.

Water quality – HB 965 creates a public/private partnership-oriented approach to improving water quality by authorizing the creation of water quality enhancement areas – natural systems constructed, operated, managed and maintained to provide offsite regional treatment through enhancement credits.

Preventing unlicensed real estate activity – The Legislature allocated up to $500,000 in the 2022-2023 fiscal year budget (HB 5001) to combat unlicensed real estate activity.

Everglades –The 2022-2023 fiscal year budget (HB 5001) that goes into effect July 1 includes money for Everglades Restoration ($425 million), Lake Okeechobee Watershed Restoration ($450 million), springs restoration ($75 million), beaches ($50 million), Biscayne Bay ($20 million), the Wastewater Grant Program ($125 million) and the Resilient Florida Grant Program ($470 million).

Septic system inspections – SB 856 makes private inspections an option for onsite sewage treatment and disposal systems, also known as septic systems.

Landfills – HB 1419 creates a Municipal Solid Waste-to-Energy program to address the amount of municipal solid waste created in Florida, particularly in highly populated areas that don’t have the space or ability to permit new landfills.

FHA Strengthens Eligibility for Borrowers Impacted by the Pandemic

The Federal Housing Administration (FHA) has announced new flexibility for lenders when qualifying borrowers who experienced previous employment gaps or loss of income due to the pandemic. Through updates contained in Mortgagee Letter 2022-09, salaried and hourly wage-earners, as well as self-employed individuals impacted by the pandemic, who now have stable income, will have a greater opportunity to purchase a home using affordable FHA-insured mortgage financing.

Renters who pay on time can get a home-buying boost even if they have thin credit scores – a big benefit for first-time buyers in underserved communities. Read More

Proposed tax increase for Miami-Dade County schools (Miami Herald)

Miami-Dade County voters will decide in November whether to increase the countywide property tax that funds schools. County commissioners on Thursday endorsed the proposed referendum requested by the elected school board, which sets the property taxes that generate local dollars for public schools and charter schools. The proposal would extend a school tax that voters approved in 2018, this time at a higher rate. If approved, the higher tax on property would automatically expire in 2027 without new authorization from voters.

The higher tax rate would generate about $400 million a year. For the average Miami-Dade home, valued at roughly $220,000 for taxing purposes, the higher rate would mean about $220 a year, according to estimates from the school system. That’s roughly $55 more than the current cost of the temporary tax. School administrators say the money is needed to boost teacher compensation, and continue increased security at schools to comply with state requirements imposed after the Feb. 14, 2018, mass shooting at Marjory Stoneman Douglas High in Parkland in Broward County, which killed 17 students and faculty. Charter schools also would share in the increased funding.

Read more at: Miami Herald

New Listings, Median Prices Rise (Source: Florida Realtors)

Kitchen features with the greatest impact on design aesthetic

According to the New Home Trends Institute, 60% of homeowners say countertops and cabinets have the greatest impact on design aesthetic and the biggest bang for their buck

New Developments

According to a report released by the Fort Lauderdale Downtown Development Authority in May, Downtown Fort Lauderdale has more than 40 projects with 16,000 condos and apartments in the works. Check some projects at The Real Deal

Boynton Beach:

Affiliated Development scored final approval for a mixed-use project with workforce housing. The Pierce, will include an eight-story building with at least 236 apartments, half of which would be workforce housing; 16,800 square feet of restaurant and commercial space; and a 150-space garage, according to an Affiliated news release. The Hurricane Alley restaurant already on part of the site has an agreement with Affiliated to remain.

Westchester Country Club in unincorporated Boynton Beach is expected to soon file plans with the county to build a 96-unit apartment complex on a 19-acre tract that was once its Par 3 golf course.

District 225, 39-story tower in downtown Miami that doesn’t include a parking garage and will be permitted to be listed on short-term rental platforms, is now under construction after obtaining financing.

❌ Miami’s Urban Development Review Board has rejected a 60-story mixed-use residential tower proposed for Edgewater.

On a vote of 5 to 1, the board voted to recommend denial of the project to the city’s planning director. Board members voiced many concerns regarding the planned traffic and pedestrian circulation of the planned skyscraper.

ATTOM’s released Q2 2022 U.S. Home Affordability Report shows that median-priced single-family homes and condos were less affordable in Q2 2022, compared to historical averages in 97 percent of U.S. counties.

New Soho House opening in Miami

This fall, Soho House—the London-founded member’s only club for creatives—will open its second Miami location, bringing a cool urban hideaway to Edgewater, a stone’s throw away from Wynwood. Miami Pool House, as it's being called, will take over a former printing press-cum-private residence that’s been completely renovated to represent the Soho House’s signature shabby-chic aesthetic.

Soho Beach House, the house will feature a pool with lounge areas, a terrace restaurant, a club space and a cottage bar—plus laid-back workspaces where you can kick back with your laptop or host a meeting. You can also expect a killer art collection, not unlike other locations, but with considerably more community art given its proximity to Wynwood, Miami's street-art capital.

It’s been 12 years since Membership Collective Group Inc. (NYSE: MCG) first touched down in Miami Beach, opening new houses in Nashville, Austin and Los Angeles since then, among other locations around the world. Like the others, Miami Pool House will be accessible to members and their guests only. Here's hoping you don't get shut out.

Source: Time Out


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