The catch: The tower stands on what scientists call one of America’s most vulnerable floodplains.
But Miami Beach needs this penthouse — and many more like it. The more developers build here, the more taxes and fees the city collects to fund a $300-million storm water project to defend the shore against the rising sea. Approval of these luxury homes on what environmentalists warn is global warming quicksand amounts to a high-stakes bet that Miami Beach can, essentially, out-build climate change and protect its $27 billion worth of real estate.
The move makes budgetary sense in a state with no income tax: Much of South Florida’s public infrastructure is supported by property taxes.