You’ve heard us talking about Miami’s construction boom and thriving real estate market before, and now Bloomberg News is reporting that the city is up for its first credit rating increase since 2004.
Driving this change is Downtown’s rapid growth, as the urban core is the largest source of tax revenue for the city. With 47 condo projects rising in the area, tax revenue is quickly growing. While budget reserves fell during the recession, they are set to pass $75 million before the end of this year.
The tax base should continue to grow as major projects, such as Brickell City Center, are completed over the next three years, Alyce Robertson of the Miami Downtown Development Authority tells Bloomberg.
In November of last year, Standard & Poor’s changed its outlook on Miami from negative to positive.