The project has apparently been around since a decade with developer Guillermo Socarras being in talks with the Federal Aviation Administration to secure approval for the height of the tower. Besides being a rival to the Burj Khalifa, the new building if built will function as an economic engine creating 5,000 permanent jobs, paying off $39 million debt owed to the City and injecting $2.5 billion annually into the local economy.
The project is currently looking for funding from investors. With Miami’s current financial woes including a reported 100,000 plus properties in foreclosure, wonder if this project is the right defence to promote economic growth.
by namrata, on January 21, 2010 - 5:56 AM in Buildings | Comments () -