The Real Deal Miami

Miami Ocean Studios gets approval on $10M subsidy

$265M project includes hotel, sound stage and huge water tank
January 22, 2015 11:15AM

Rendering of Miami Ocean Studios complex in Miami Gardens

Rendering of Miami Ocean Studios complex in Miami Gardens

County commissioners reportedly voted to approve a $10 million subsidy for the planned Miami Ocean Studios in Miami Gardens.

Once the $265 million project, which includes a hotel and sound stages, is complete, the developer will receive the subsidy, which will come from property taxes.

The money must be used for infrastructure improvements that would be left behind if the venture fails, the Miami Herald reported. The project is expected to revitalize both the area and Miami-Dade’s “on-again-off-again relationship with Hollywood productions,” according to the Herald.

“The goal is to diversify the economy,” Mayor Carlos Gimenez told the paper. “It’s really a great project in an area that could use the help.”

There was one vote against the subsidy:  County Commissioner Juan C. Zapata.

Mimi Ocean Studios is being spearheaded by Rodolfo Paiz, whose family made its fortune in supermarkets and retail in Guatemala.

“We are not building something to stand out in Florida. We’re not even building something that is supposed to look good on the East Coast,” Paiz told the Herald. “Outside of Hollywood, we’re building one of a handful of the best facilities on planet Earth.” [Miami Herald]William J. Gorta