Hampered by falling property taxes, a South Florida group is proposing a 2010 constitutional amendment to permit full-fledged casino gambling just west of Biscayne Boulevard in Downtown Miami.
Developers of the 25-acre Miami Worldcenter have established the organizational framework to put a casino amendment on the ballot in as little as two years from now, according to the Miami Herald.
The proposed Miami Worldcenter mixed-use project is to be located in the heart of Greater Downtown Miami among nine contiguous blocks situated between the American Airlines Arena west to the former Miami Arena, and the MacArthur Causeway south to Miami-Dade College.
Developers have constructed nearly 23,000 condos in a 60-block stretch of Greater Downtown Miami since 2003, including the nearby Marina Blue, 900 Biscayne, Ten Museum, and the
Marquis condos.
The Greater Downtown Miami area overall area now has more than 34,000 units, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.
Before the first casino can open, organizers must overcome several obstacles, most importantly state voters who have rejected Miami casinos three times before, including the most recent attempt in 1994.
The flip side is voters in the last five years after approved Las Vegas-style slot machines at South Florida’s seven parimutual sites in an attempt to boost the struggling horse racing, dog racing, and Jai-Alai industries.
If a majority of Florida voters do suddenly approve the idea of Miami casinos given how government revenue has plummeted based on the dropping property prices, the ballot item would need to receive at least a 60 percent approval for the amendment to be implemented.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
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