North Miami's Condo Catastrophe

摘要

In 2002 the city of North Miami struck a deal with developer Michael Swerdlow to build a grand city-within-a-city called Biscayne Landing. Set on the largest available tract of waterfront property in South Florida, Biscayne Landing would feature 6,000 condos, many overlooking Biscayne Bay, along with shops, restaurants, nature trails, and a $10 million Olympic training facility. It would rival Aventura, North Miami's elite neighbor just a few miles north, one of the wealthiest cities in Florida. Rents, taxes, and fees from Biscayne Bay would add $13 million a year to the city's coffers. Eight years after groundbreaking, Biscayne Landing represents some of the worst excesses of the housing bust-grandiose development plans, easy financing, and municipal overreach.