- City is selling nearly $97.6 million for cultural improvements
- Projects include theaters, concert venues and museums
Miami Beach wants to do away with rowdy spring break crowds in favor of ballet and botanical gardens.
To help pull it off, the Florida city is selling $97.6 million of municipal debt on Wednesday that will fund improvements to cultural projects, such as the Miami City Ballet and the Bass Museum of Art. The bonds will be backed by property taxes, which surged in recent years as the city became a magnet for the wealthy.
The sale is part of a broader effort by the barrier-island city to ditch its reputation as a spring-break destination, that every year lures in thousands of young people to its South Beach neighborhood for non-stop partying. The rush of partiers forced Mayor Dan Gelber to declare a state of emergency for two years in a row. Miami Beach now wants “cultural tourists,” Gelber said.
Bloomberg CityLab
By Jordan Fitzgerald
July 11, 2023