Construction is expected to begin as soon as city approvals and permits are obtained, with delivery one year later.

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Church leaders on Tuesday told the Miami Herald they are finalizing a sale contract with developers that would ultimately lead to construction of the condo building on one of the last remaining waterfront sites in Miami’s prime financial district.

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In what’s being billed as one of the biggest and most ambitious urban redevelopment schemes in the country, Miami-Dade County has packaged some 17 acres of publicly owned downtown real estate and put it up for bid.

The Miami-Dade Cultural Center brought Miami its first art museum and planted a fruitful seed for the city’s eventual cultural flowering. But the complex never delivered as intended, contributing little to — or even hindering — the downtown street life it was meant to engender.

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The Miami River district is slated for a makeover after voters approved a 50-year lease extension in Tuesday’s primary.