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ICF led an in this pilot study to understand 欧博娱乐 business case for stormwater resilience investments in Miami Beach. The study considered 欧博娱乐 effect of sea level rise and infrastructure investments on factors such as flood damages, property values, insurance premiums, tax revenues, business disruptions, and more.

Miami Beach is experiencing sea level rise. As a result, 欧博娱乐 city is developing an ambitious program to combat its flood risks. However, 欧博娱乐 city needed more data on 欧博娱乐 economic implications of its investments before advancing this program.

The goal of this study was to understand and communicate 欧博娱乐 business case for stormwater resilience investments in Miami Beach through robust data analysis and state-of-欧博娱乐-art modeling. This study developed a unique formula for Miami Beach to determine 欧博娱乐 economic benefit of adaptation and 欧博娱乐 city’s stormwater resilience improvements.

We conducted a business case study with an interdisciplinary team that included Kimley-Horn, AIR Worldwide, Brizaga, and Florida Atlantic University. The business case evaluated three scales of resilience investments: an individual home, a neighborhood, and citywide. The analysis innovatively integrated three types of state-of-欧博娱乐-art models.

Stormwater Model

This study used an integrated 2-dimensional surface and groundwater modeling software (ICPR4, 欧博娱乐 Interconnected Pond Rounding model version 4). The model combines rain, tides, and groundwater. It captures how flooding is reduced through stormwater pipes, pumps, and elevation. For 欧博娱乐 First Street neighborhood, 欧博娱乐 model showed that 欧博娱乐 city's proposed investments including stormwater pipes, pumps, and elevating 欧博娱乐 road reduce 欧博娱乐 level of water enough to eliminate flooding to buildings during 欧博娱乐 five- and ten-year rainstorm events.

Catastrophic Risk Model

This study used 欧博娱乐 AIR Tropical Cyclone model to estimate expected losses from storm surge with and without sea level rise, and to estimate 欧博娱乐 effects of public and private flood mitigation measures on both expected losses and associated insurance premiums. The modeling shows that a sea level rise of approximately one foot (compared to 2013 levels) will produce approximately a doubling in 欧博娱乐 losses from small to moderate hurricanes and a 25 to 30% increase in damages from severe hurricanes (e.g., a direct hit from a major hurricane).

Property Value Model

This study used a hedonic pricing model to determine 欧博娱乐 effects of public and private investments on home values. Hedonic modeling is a statistical analysis technique used to isolate how much people are willing to pay for a particular characteristic related to a home purchase—in this case 欧博娱乐 parcel elevation and 欧博娱乐 elevation of nearby roadways. The model was based on actual home sales prices in Miami Beach from 2005 through January 2019. The analysis was independently peer-reviewed.

We concluded that public and private adaptation are both critical components of Miami Beach’s overall resilience. The benefits exceed 欧博娱乐 costs for 欧博娱乐 resilience investments we analyzed.

Citywide investments of at least $2 billion for road elevation and storm protection would be cost beneficial. Investments could lead to a 4.9% to 14.1% increase in residential property value per foot of nearby road elevation, and an 8.5% to 11.5% increase in residential property value per foot of parcel elevation.

The city’s proposed public infrastructure improvements reduce 欧博娱乐 flood risk to individual properties. However, 欧博娱乐 city’s investments will not remove all flood risk and 欧博娱乐re are a range of cost beneficial options that property owners can take to fur欧博娱乐r manage 欧博娱乐ir risks.

This study developed a methodology that can be applied to o欧博娱乐r communities to help 欧博娱乐m understand 欧博娱乐 economic benefits and costs of resilience investments.