Public-Private Partnerships, agreements between government and community groups, can provide streamlined cost-effective-and-practical solutions to retaining neighborhoods and business activities in older, established communities. Prior to 1993, Miami-Dade – or South Florida for that matter – had no successful examples of such partnerships.

Following the massive destruction wrought by Hurricane Andrew in 1992, Richmond Heights literally rewrote the history books when The RHCDC, representatives of the Metro Miami-Action Plan Trust and a conglomerate consisting of a majority of Richmond Heights neighborhood organizations, approached Redevco about the possibility of forming a public-private partnership which would jointly own and operate Promenade Plaza. Redevco considered the request and subsequently agreed, selling 51 percent of its interest in Promenade Plaza to RHCDC, which was funded by the Dade County Office Of Community Development Through its Block Grant Program, with an initial investment of $1.2 million, in order to complete the transaction.

The RHCDC within a short four years assumed 100% ownership of the center. The result was to turn the original investment into an asset value of over $5,000,000 and provide a constant stream of income to fund community projects such as in-fill housing, economic development, and neighborhood revitalization.

The purchase of Promenade Plaza has also shown positive effects in the areas of increasing tax revenues, creating local jobs and relieving the governmental burden from future support.  Promenade Plaza is more than just a place to shop – it symbolizes self-sufficiency and new, positive directions for Richmond Heights today and tomorrow.