The Real Deal Miami

Developers say convention center project could create 11K jobs

May 16, 2013 04:00PM

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Miami Beach Convention Center

Two prospective developers for the billion-dollar Miami Beach Convention Center project said the 52-acre district stands to gain more than 11,000 jobs, the South Florida Business Journal reported.

Portman CMC and South Beach ACE filed letters of interest with budgets and financial strategies for the Miami Beach Convention Center project. Yesterday both groups presented a video rendering of their respective visions at a public workshop. The Miami Beach Commission, which last week approved a proposal for writing November ballot questions on the scale and size of the project, will be reviewing the plans today.

The Portman CMC plan would cost $1.15 billion in renovations and improvements, while South Beach ACE identified a $1.21 billion cost. When it comes to financing, Portman CMC would have $364 million in debt and $234 million in equity, totaling $598 million. South Beach ACE would have $297 million in debt and $286 million in equity for a total of $583 million, the newspaper said.

The architects on each team are well regarded: Bjarke Ingels for Portman and Rem Koolhaas for South Beach ACE. [South Florida Business Journal]Mark Maurer

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