The Real Deal Miami

$121M marine stadium reno proposed

Latest redevelopment plan would add commercial space around concert venue
A view of Miami Marine Stadium, closed and covered with graffiti.

A view of Miami Marine Stadium

City commissioners are slated Thursday to hear a new proposal to renovate Miami Marine Stadium and add thousands of square feet of commercial space that would have a $121 million price tag.

The latest proposal to revive the dormant space calls for a 121,000-square-foot convention center, landscaped outdoor expo space, a 400-space parking garage and a 280-rack boat and Jet Ski storage.

According to the Daily Business Review, the redevelopment deal would largely be paid for by a $105 million financing package from Atlanta-based real estate investment firm TPA Group, with a minority stake from a new venture, Expo-Miami, which is backed by attorney and charter school founder Manuel Alonso-Poch.

The rest of the funds would come from state and county grants, federal tax credits, private donors and seat sales. [Daily Business Review] – Jennifer White Karp