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September 01, 2020 10:27am
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Fort Lauderdale's Bahia Mar Lease Sparks Debate Over Air Rights and City Revenue

By: NewsUSA

(Matthew Du, NewsUSA Reporter) - Fort Lauderdale had entered a 100-year lease agreement with a private developer for the Bahia Mar site. Their overall goal is to boost city revenue through the construction of luxury condos in the area. The one caveat is that the city has already permanently relinquished its air rights over a portion of the land.  This was a decision critics deem irreversible and disproportionately beneficial to the developer over the city. The deal, appraised at $249 million for the air rights alone, promises to significantly increase condo values, potentially adding millions to Fort Lauderdale's coffers. Despite assurances of increased city revenue and development benefits, skeptics argue that the city could have negotiated a better deal, fearing the long-term implications of such a permanent concession.

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