The City of Miami has approved US$9m (€7.8m, £6m) in tax subsidies for the upcoming US$430m (€371m, £283m) SkyRise tower – an entertainment complex topped by a 1,000ft (304m) observation tower.

Located next to the American Airline Arena and Miami’s Bayside Marketplace, the tower itself is expected to be the second-tallest observation tower in the US, after Las Vegas’ 1,148ft (350m) Stratosphere Tower.

Also set to be included is a ‘flying’ theatre simulator, an 800ft (244m) Sky Drop ride and Sky Plunge – a 600ft (182m) bungee jump. In addition, the tower will house multiple observation decks, a fine dining restaurant, 500-seat ballroom, meeting rooms and several nightclubs and lounges.

Arquitectonica is working on the design of the tower, while Miami-based Coastal Construction and Tishman – an offshoot of AECOM – will work on construction and engineering. With the proposal approved in December 2014, the development is expected to be complete by around 2018.