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Miami City Commissioner Manolo Reyes, chairman of the Miami DDA, said the slow progress of the Flagler Street project has harmed downtown area businesses.

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Amid elevated interest rates and other economic headwinds, owners are still asking – and expecting – top dollar for their properties.

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Total taxable property values in Miami-Dade are now at $469B, up $43B compared to 2023.

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If the investor group does formally submit an application, commissioners could, under city procurement rules, elect to open up the property for competitive bids or go to voters with investor’s solo bid.