August 3, 2015
Miami Beach Approved Big Convention Center Hotel, Again
By Sean McCaughan
The Miami Beach City Commission, that august governing body (ha!) has approved Portman Holdings's planed 800 room Miami Beach Convention Center hotel, again. The city has needed a true convention center hotel for years, and this is an ideal site, although the design itself is rather horrid. This time specifically was the approval for the hotel's 99 year lease, which will go back to the commission for a second reading on September 2nd. Then the big ugly thing goes to voters for approval in November. The rent paid to the city, over that 99 years, could be anywhere from $35 million to $74 million, significantly less than the $99 million the Miami Beach Community Church is getting for its courtyard literally one block away on Lincoln Road. Not to editorialize, but that just screams corruption.
UPDATE: According to an anonymous tipster:
In your Miami Beach Convention Center Hotel Article today, you missed that the $35-74 million in lease payments is a net present value number, not a sum total over the 99 year period like the Miami Beach Community Church deal. The projected aggregate lease payments presented to the city over the 99 year term are over $800 million, with a minimum of over $400 million.
· Miami Beach Convention Center Hotel coverage [Curbed Miami]