MDM will propose new plan for old Miami Arena site

Miami /
May.May 22, 2016 10:00 AM

MDM Development Group on Monday will meet with Miami city commissioners and propose its revised plan to build a publicly subsidized hotel and convention center on the site of the old Miami Arena.

It will be the second time since March that Miami-based MDM meets with city commissioners in their capacity as board members of the Southeast Overtown Park West Redevelopment Agency.

The last time commissioners rejected as one-sided MDM’s initial proposal to build a publicly subsidized convention center with a meeting facility spanning 600,000 square feet and a 1,700-room hotel.

Under MDM’s revised development proposal, the City of Miami would return 65 percent of the property tax on the development to the company. The total annual property tax bill is estimated at $6 million. The deal would be worth as much as $115 million in future property tax rebates.

Among other commitments in return for the tax subsidies, MDM would pay $100,000 annually for three years to the Southeast Overtown Park West Redevelopment Agency to identify local minority vendors for the convention center. MDM also would pay $100,000 annually for 25 years to support a culinary institute the agency operates.

Without tax subsidies, MDM executives contend they would be forced to build a smaller, lower-impact convention center complex on the site of the old Miami Arena, the original home of the Miami Heat basketball team and the Florida Panthers hockey team. It was demolished in 2008. [Miami Herald] — Mike Seemuth


Related Articles

arrow_forward_ios
Dan Deitchman and Koby Assaraf with a rendering of Industry | Oakland Park
Oakland Park developer partners with former Link Real Estate exec on new firm
Oakland Park developer partners with former Link Real Estate exec on new firm
Renderings of the project (Group P6)
Group P6 lands $69M construction loan for Boca Raton project
Group P6 lands $69M construction loan for Boca Raton project
Alex Sapir and Bella Sapir (Credit: Mark Von Holden/WireImage via Getty Images, and ADRIEL REBOH/Patrick McMullan via Getty Images)
Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside
Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside
Renderings of the project and Gil Dezer (Getty; Renderings via  Zyscovich Architects)
Dezer’s 30-acre megaproject in North Miami Beach gets first approval
Dezer’s 30-acre megaproject in North Miami Beach gets first approval
Jeff Burns, Nick Rojo, The Bohemian Lake Worth
Affiliated Development’s Lake Worth Beach apartment project approved
Affiliated Development’s Lake Worth Beach apartment project approved
A rendering of the Intracoastal Mall and Gil Dezer
Dezer’s plans to remake Intracoastal Mall face opposition
Dezer’s plans to remake Intracoastal Mall face opposition
Alta Developers CEO Raimundo Onetto and Le Parc at Brickell rendering
Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects
Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects
Biscayne Beach
Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work
Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work
arrow_forward_ios

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

Loading...