Lease for MB convention center hotel still in negotiations

Deal must be approved by 60% of the electorate, and the deadline for the ballot is Sept. 9

TRD MIAMI /
Jul.July 08, 2015 03:45 PM

Miami Beach’s city manager needs more time to negotiate a lease with the developer of a 300-foot tall, 800-key convention center hotel behind the Fillmore Miami Beach’s parking lot.

During Wednesday’s Miami Beach City Commission meeting, City Manager Jimmy Morales vowed to have a lease ready for circulation to the public by July 17 and before the commission for approval by July 20.

Atlanta-based Portman Holdings was the sole company to bid for the right to lease the parking lot from Miami Beach for the next 99 years in order to build a convention hotel.  Portman plans to build a $405 million privately funded project with 95,210 square feet of meeting space, 320 parking spaces, and other amenities. Portman told commissioners in May that the project will be primarily financed with a private $162 million construction loan, $145 million from an institutional investor, and $17 million in equity.

How much rent will it pay the city for the right to use the land? That’s being worked out.

But, time is of the essence. Under Miami Beach law, the leasing of city land must be approved by 60 percent of Miami Beach voters. The deadline for ballot language to be placed on the upcoming November election is September 9.

On a related note, Morales said that planning for the reconstruction of the Miami Beach Convention Center is on track. The $500 million renovation project, conducted by Clark Construction, will commence right after Art Basel Miami Beach, Morales said.


Related Articles

arrow_forward_ios
Faena Hotel Miami Beach and Eau Palm Beach (Faena, Eau Palm Beach)

Faena Hotel, Eau Palm Beach Resort among latest to lay off hundreds

Faena Hotel, Eau Palm Beach Resort among latest to lay off hundreds
Shelborne South Beach

Shelborne South Beach unit owners lose appeal contesting $30M in assessments

Shelborne South Beach unit owners lose appeal contesting $30M in assessments
From left: The Fontainebleau Miami Beach, Shore Club and Clevelander South Beach 

Record-breaking surge in Covid cases spells trouble for South Florida’s hotel market

Record-breaking surge in Covid cases spells trouble for South Florida’s hotel market
Clevelander South Beach

Party’s over: Clevelander South Beach closes after employee tests positive for Covid

Party’s over: Clevelander South Beach closes after employee tests positive for Covid
Lennox Miami Beach

Lennox Miami Beach hotel exec sues father-in-law for ousting him: lawsuit

Lennox Miami Beach hotel exec sues father-in-law for ousting him: lawsuit
citizenM founder Rattan Chadha, Russell Galbut and a rendering of 1212 Lincoln

CitizenM buys hotel portion of Crescent Heights’ 1212 Lincoln project

CitizenM buys hotel portion of Crescent Heights’ 1212 Lincoln project
1 Hotel South Beach (Credit: Google Maps)

Starwood Capital affiliate sues 1 Hotel & Homes South Beach condo association for trademark infringement

Starwood Capital affiliate sues 1 Hotel & Homes South Beach condo association for trademark infringement
Ziel Feldman and Richard Branson with renderings of the Shore Club (Credit: Getty Images)

The breakdown: Inside Virgin Hotels’ $330M vision for South Beach and how it vanished

The breakdown: Inside Virgin Hotels’ $330M vision for South Beach and how it vanished
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...