Economy

Miami Beach Aims to Kill Spring Break Image With $100 Million Bond

City is selling nearly $97.6 million for cultural improvements
Projects include theaters, concert venues and museums

A crowd of people walk along Ocean Drive in the South Beach neighborhood of Miami during Spring Break in March 2021.Photographer: Eva Marie Uzcategui/Bloomberg

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By Jordan Fitzgerald

July 11, 2023 at 4:00 PM UTC

Miami Beach wants to do away with rowdy spring break crowds in favor of ballet and botanical gardens.

To help pull it off, the Florida city is selling $97.6 million of municipal debt on Wednesday that will fund improvements to cultural projects, such as the Miami City Ballet and the Bass Museum of Art. The bonds will be backed by property taxes, which surged in recent years as the city became a magnet for the wealthy.