Avison Young’s Michael Fay proposes setting up competitive bidding process for Melreese site

Fay projects the 131-acre site is worth more than $200M

Miami /
Jul.July 18, 2018 12:30 PM

Principal and managing director of Avision Young, Michael Fay with Melreese Country Club

As David Beckham and the Mas brothers seek approval to redevelop the Melreese Country Club into a mixed-use soccer complex, Avison Young’s Michael Fay wants to level the playing field.

Fay, managing director and principal of Avison Young’s Miami office, is proposing to set up a competitive bidding process for the 131-acre site, he told The Real Deal. Fay sent a letter on Tuesday to Miami Mayor Francis Suarez and the city commissioners requesting to set up a request for proposal process for the development and master plan use of the site in order to “drive the highest value and terms for the city.”

Fay supports bringing an MLS team to Miami, but believes there should be a “transparent process” for the Melreese site.

The letter comes on the heels of the city commissioners’ scheduled vote on the $1 billion plan to redevelop the city of Miami’s Melreese golf course into a massive development anchored by a 25,000-seat stadium that will be home to the partners’ Major League Soccer franchise.

The plan has drawn opposition from many nearby residents, local politicians and even Related Group’s Jorge Pérez, who compared the deal to the Miami Marlins stadium debacle. Critics say that the process has not been transparent and the proposed $3.6 million in annual rent the group would pay is too low. On Wednesday, attorney William Muir filed a lawsuit alleging Suarez, City Manager Emilio Gonzalez and the city commission are not following city law while considering the redevelopment proposal, according to the Miami Herald.

Fay estimates the property is worth more than $200 million, with annual rent at about $10 million or more, which is similar to Perez’s valuations of the site. Fay cited his knowledge of the market, clients and his experience completing more than $10 billion in real estate transactions.

The Beckham-Mas group is seeking that a referendum be placed on the November ballot asking Miami residents to approve or deny a no-bid lease agreement for the site. Last week, the commission deferred a decision to a special commission meeting on Wednesday.

That proposal, designed by Arquitectonica, would also feature 600,000 square feet of space for retail and restaurants, 400,000 square feet of office space, thousands of parking spaces, more than 700 hotel rooms, and 23 soccer fields on roughly 23 acres of green space.

Mas said the development group would invest $20 million in park improvements, as well as $35 million in environmental remediation at the Melreese.


Related Articles

arrow_forward_ios
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Corey Dickerson, Mike Piazza and Derek Jeter with the Miami baseball stadium (Getty)
South Florida by the numbers: Play ball
South Florida by the numbers: Play ball
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Black Lion CEO Robert Rivani with SLS Lux Brickell (LinkedIn via Rivani, Facebook via SLS Lux Brickell)
Black Lion buys SLS Lux Brickell retail condo for $14M
Black Lion buys SLS Lux Brickell retail condo for $14M
Landlords keep raising office space rents despite a grim outlook for vacancy rates (Getty)
Miami office vacancy rates reach Great Recession levels
Miami office vacancy rates reach Great Recession levels
Jorge Pérez with his longtime Miami mansion (Getty, 1Oak)
Miami’s condo king to sell his Coconut Grove palace after moving to Park Grove
Miami’s condo king to sell his Coconut Grove palace after moving to Park Grove
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami 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...