[dropcap]M[/dropcap]iami-Dade County Commissioner Xavier L. Suarez has announced that District 7 has sponsored a resolution which authorized the Miami-Dade County Board of County Commissioners to allocate $3M in General Obligation Bond funds from the Building Better Communities Economic Development Fund, to Pointe Group Advisors, towards their proposed Grove Village on Grand project. The Economic Development Fund endeavors to encourage private sector development that will create jobs and cause economic development, providing long term benefits to the community. The Board of County Commissioners approved the resolution and authorization of the funds on October 7, 2014.
Grove Village on Grand proposes to construct six (6) city blocks (three on each side of Grand Avenue) of urban in-fill development consisting of housing, retail, office and parking to be developed in
two phases on Grand Avenue in Coconut Grove. The mixed-use urban village development proposed by Pointe Group Advisors, LLC on Grand Avenue offers ground floor retail, structured parking, and either office, big-box retail, or multi-family apartments and potentially a hotel on two floors of one of the buildings. BBC GOB Grant funds will be used for offsite water main extension, electrical duct bank extensions, gas main extension, and telephone/cable duct bank extension.
It is expected that the Grove Village on Grand project will generate significant economic development opportunities, bringing new jobs to an area characterized by unemployment rates of approximately 15%, a poverty rate of approximately 25%, and a median household income of about $39,000. The development of the entire site will be constructed over a five year period, but Phase I is projected to generate 288 direct, new jobs to the Coconut Grove Targeted Urban Area. These employment positions will require skill levels that are available in the Targeted Urban Area, providing significant job opportunities for residents. The project also represents an estimated $160,000,000 private investment that will have a significant positive impact on the local tax base.