Miami project bond deal ‘risky’

Developers behind the roughly 23-acre, US$6bil project are issuing the tax-exempt, non-rated debt through a Wisconsin financing authority. — Bloomberg

MIAMI: Miami Worldcentre, an urban renewal project in the city’s downtown, is poised to borrow US$245mil in the municipal-bond market as it moves to finance the next phase of a venture that is almost two decades in the making.

Developers behind the roughly 23-acre, US$6bil project, one of the biggest such ventures in the United States, are issuing the tax-exempt, non-rated debt through a Wisconsin financing authority.