Neuroscience center, mixed-use project in Miami-Dade seek $13.5M in bond funding

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Mark Freerks

Barron Channer is planning Overtown Gateway.

Brian Bandell

Senior Reporter- South Florida Business Journal

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Two major projects, the a neuroscience research center and a mixed-use project in Miami's Overtown, are seeking a combined $13.5 million in bond funding through the Miami-Dade County Commission.

The commission's Economic Development & Port Committee is meeting on Thursday afternoon to consider funding both projects through the Building Better Communities General Obligation Bond Program, which is repaid over time using property taxes. That's the same bond program from which the massive SkyRise observation tower in downtown Miami is seeking $9 million.

These bonds pay for infrastructure that supports the projects, not the developments directly.

The SkyRise deal will come before the full commission on Dec. 2, and these two other projects could join it on the same day if they pass committee on Thursday.

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The Neuroscience Centers of Florida Foundation is seeking $7.5 million in bond funding for "Project Mercy," an ambulatory care center that would help patients with multiple sclerosis, Alzheimer's disease, Parkinson's disease and stroke. It would create 158 direct jobs, according to its application.

The agenda item did not provide any details on where this center would be located.

Overtown Gateway Partners, a Miami-based company managed by BACH Real Estate's Barron Channer, applied for $6 million in bonds to fund a mixed-use project of the same name. It would include apartments, entertainment venues, retail, office space and a hotel. The company said it would create 423 jobs with an average annual salary of $42,000.

Brian Bandell covers banking, finance, health care and education. Get the latest banking news with our free daily newsletter. Click here to subscribe.