A proposed rendering of the Underline’s Brickell portion
Pinnacle Housing Group, along with 13th Floor Investments and the Adler Group, have donated a combined $75,000 to the Underline, a planned 10-mile long linear park and trail in Miami-Dade County.
The donations will be used for the design of the project’s first phase, the Brickell portion, Friends of the Underline founder and CEO Meg Daly told The Real Deal. As planned, “Brickell backyard” will start at the Miami River and will feature picnic areas, native vegetation, an outdoor gym with a basketball court, a nature-driven playground and dog park.
Daly said she hopes to break ground by the end of 2016.
Pinnacle donated $50,0000 to the Underline, while 13th Floor and Adler partnered on a $25,000 contribution. Louis Wolfson, a partner with Pinnacle, in a press release cited economic and real estate benefits that will result from the Underline.
“This is supporting the design and engineering for the $5 million construction funding,” Daly told TRD.
The Underline runs on the M-Path, underneath the Metrorail tracks that start in Brickell and go through Coconut Grove, Coral Gables, South Miami and Dadeland. Each portion has its own budget, Arden Karson, Related Group senior vice president, previously told TRD. Karson, who is leading the real estate sub-committee, said the $5 million in public funding that the Underline secured last year is designated for the Brickell segment. That breaks down to $3 million from Miami-Dade County, $1 million from the city of Miami impact fees and $1 million from a Florida Department of Transportation grant.
Twenty percent, or $24 million, of the estimated $120 million project is being raised privately. The total cost includes $80 million for the trail, $20 million for intersections and $20 million for destination parks. James Corner Field Operations is designing the development.
Source: The Real Deal Miami