Lease for MB convention center hotel still in negotiations

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
Ari Pearl, Jonathan Leifer and 9540 West Bay Harbor Drive. (Wyndam Hotels, PPG Development, L3C Capital Partners)
Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
From left: Tom Brady and Gisele Bündchen; Pharrell Williams; Sylvester Stallone and Jennifer Flavin; Jared Kushner and Ivanka Trump (Getty, iStock)
South Florida’s biggest real estate stories of 2020
South Florida’s biggest real estate stories of 2020
Shelborne South Beach and Seagull Hotel (Shelborne, Google Maps)
Here are South Florida’s biggest hotel sales in 2020
Here are South Florida’s biggest hotel sales in 2020
The Gale Hotel with Harvey Hernandez
Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez
Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez
Francisco Martinez Miyashiki (forefront) and Francisco Martinez Celeiro with 16805 Northwest 12th Avenue (Linkedin, Wikipedia Commons, Google Maps)
Former actor sells Miami Gardens hotel for $6M
Former actor sells Miami Gardens hotel for $6M
Paul Lardi and 200-212 Collins Avenue (Linkedin, Alex Zylberglait/Marcus & Millichap)
South Beach property sells for $6M, buyer plans apartment-hotel
South Beach property sells for $6M, buyer plans apartment-hotel
Diego Colmenero and Charlie Porchetto from Urbanica plan to break ground on Edgewater hotel (Urbanica)
Urbanica completes $9M assemblage for Edgewater hotel
Urbanica completes $9M assemblage for Edgewater hotel
Rendering of the project
Fort Lauderdale OKs plan for Bahia Cabana Hotel on the beach
Fort Lauderdale OKs plan for Bahia Cabana Hotel on the beach
arrow_forward_ios

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

Loading...