Cleared for takeoff: Steve Ross, Jeffrey Soffer land Miami airport hotel deal

Steve Ross and Jeffrey Soffer got clearance to develop a Westin hotel at Miami International Airport. 

The Miami-Dade County Commission on Tuesday authorized a 50-year lease with a joint venture between Ross’ Related Companies and Soffer’s Fontainebleau Development. The deal is for Related and Fontainebleau to develop a 451-room hotel that county officials expect will bring in roughly $240 million over the life of the lease, according to a Miami-Dade memo. 

The joint venture would pay the county a flat annual payment of $2.5 million or 3.5 percent of the gross revenue a year once the hotel opens, whichever is greater. New York-based Related and Aventura-based Fontainebleau would build the hotel on a 1.8-acre site by the airport’s Dolphin Parking Garage. 

The proposed building would connect to Concourse D via a climate-controlled pedestrian bridge. The hotel would have an all-day, full-service restaurant and bar, a rooftop restaurant, a pool with terrace, an event space, a spa and a fitness center.

Related and Fontainebleau’s team was the county selection committee’s top bidder in a two-phase request for proposals. Miami-Dade Mayor Daniella Levine Cava also recommended the county commission approve the deal with the joint venture. 

The county commission rejected by a 7-6 vote to enter into negotiations with the second place bidder, Parmco Airport Hospitality, to develop a second airport hotel.

In recent years, Ross’ Related has ramped up its South Florida presence, including becoming the largest commercial landlord in downtown West Palm Beach. It is developing One Flagler, a 25-story office tower in West Palm that is currently under construction. Related obtained a $242.2 million construction for it last year. In Miami, Related is partnering with Swire Properties to build the tallest planned office tower in the Sunshine State. The joint venture is developing the 1,000-foot-tall high-rise at 700 Brickell Avenue. 

Soffer’s Fontainebleau Development, which he founded in 2019 after leaving his family firm Turnberry Associates, is expecting to complete the Fontainebleau Las Vegas, a new 67-story hotel in Sin City, later this year. The company is also building a 50,000-square-foot events center to expand meeting space at the Fontainebleau Miami Beach oceanfront resort. 

In Jupiter, Fontainebleau Development recently completed and sold out SeaGlass, a boutique condominium with 21 units, and is planning a second condo project nearby. Other commercial properties in Fontainebleau’s portfolio include the Big Easy Casino in Hallandale Beach and the JW Marriott Miami Turnberry Resort & Spa in Aventura.