Miami’s $6bn urban renewal project a step closer to completion with plan to raise funds on bond market

Commercial and residential buildings in downtown Miami. Photo: Eva Marie Uzcategui/Bloomberg

Maxwell Adler

Miami Worldcenter, an urban renewal project in the US city's downtown, is poised to borrow $245m (€226m) in the municipal-bond market as it moves to finance the next phase of a venture that is almost two decades in the making.

Developers behind the roughly 23-acre, $6bn project, one of the biggest such ventures in the US, are issuing the tax-exempt, non-rated debt through a Wisconsin financing authority.