Hallandale Beach gets major boost
Bond ratings, new projects signal positive financial outlook
The financial profile of the city of Hallandale Beach has received a lift from Fitch Ratings, which recently affirmed its high grades for the local government’s general obligation bonds and capital improvement revenue bonds.
The actions are positive signs for a development-minded city whose Community Redevelopment Agency board recently approved the Hallandale City Center, a major revitalization project in its northwestern section.
While the site plan still needs City Commission approval, officials hope the groundbreaking will take place during the first quarter of 2019, with completion expected by the third quarter of 2020.
The project is described by the city as a “first-of-its-kind major development” designed to boost commercial activity.
It’s a $16.7 million mixed-use project composed of 13 parcels across about 2.37 acres. The development would include 89 residential rental units, of which 14 units would be reserved for affordable housing. The project would contain 8,000 square feet of commercial and retail space, including a small neighborhood Green Grocery, an independently owned market.
On the street, 270 parking spaces would be available, with 55 of them set aside for public use.
The developer, Hallandale City Center LLC, has agreed to help pay for construction of a pedestrian bridge. Other major area projects include a new fire headquarters, which will be formally opened June 30, as well as residential developments from CBV, Mega Developers and Hallandale Commons.
It’s the type of development that prompted analysts for Fitch Ratings, a credit ratings agency that is dual-headquartered in New York City and London, to offer a positive outlook for the city’s financial prospects.
They continued to rate nearly $56.5 million in general obligation bonds at “AA+,” while assigning a “AA” rating to about $21.4 million in capital improvement revenues bonds.
“Developers and investors want to do business in a community with sound financial management and good growth policies,” City Manager Roger M. Carlton said Wednesday. “We have the team in place, and Fitch’s analysis validates the progress we have made.”
In a report issued earlier this month, analysts Grace Wong and Michael Rinaldi declared the city has strong financial management, “evidenced by the solid maintenance of reserves.”
“Growth prospects are favorable due to ongoing redevelopment in the city as well as its [economic] participation” in the Miami-Fort Lauderdale-West Palm Beach area, the analysts said.
“Although the city is fairly built out, the tax base growth has been strong and is expected to continue with numerous residential and commercial projects planned and underway,” the analysts added.
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