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Announcement

Convention center hotel is approved by Miami Beach voters!!

By
Cashflow In Miami
on
July 18, 2020

17 Convention center drive, Miami Beach

The hotel will connect to the convention center via a pedestrian bridge and include a 53-foot podium containing parking, meeting spaces and ballrooms as well as two 185-foot-tall wings of hotel rooms. Voters authorized the lease of city land and the construction of an 800-room hotel with a maximum height of 185 feet, but specifics of the hotel design will be evaluated by the city’s Design Review Board at a later date.

Read more here: https://www.miamiherald.com/news/local/community/miami-dade/miami-beach/article220636660.html#storylink=cpy

Meanwhile, the group behind the latest proposal — Turnberry’s Jackie Soffer, Terra Group’s David Martin, Miami Design District developer Craig Robins and architecture firm Arquitectonica — emphasized that the hotel would be roughly 100 feet shorter than the previous proposal and include six times more space for cars to queue on the property so that they don’t spill onto the street.

Read more here: https://www.miamiherald.com/news/local/community/miami-dade/miami-beach/article220636660.html#storylink=cpy

Political committees funded by the developers also promoted the hotel as a financial windfall for Miami Beach. The hotel will have to pay the city either fixed rent totalling $16.6 million over the first 10 years or a percentage of hotel revenue, whichever is greater, according to the terms of the lease agreement. Miami Beach estimates that the city will collect $96 million in taxes from the hotel for over 30 years.

Read more here: https://www.miamiherald.com/news/local/community/miami-dade/miami-beach/article220636660.html#storylink=cpy

Although the $362 million hotel will be privately funded, the city needed approval from 60 percent of voters in order to lease public land in the convention center district. The project secured nearly 64 percent of the vote. The hotel will be built on a city-owned parking lot adjacent to the newly renovated convention center.

The most interesting fact is that Terra Group David Martin and Turnberry's JackiSoffer and Miami Design Districts Craig Robbins were really the only ones persistently going after this project .

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