Miami mayor calls Inter Miami stadium ‘best sports deal in America’ in farewell address
Standing against the backdrop of an American flag flanked by two John Deere tractors, Miami Mayor Francis Suarez on Wednesday delivered a speech that marks the countdown of his final year in office. On display behind him: construction workers, a handful of cranes and the skeleton of what will one day become Suarez’s big-ticket legacy project — a billion-dollar Major League Soccer stadium that will be the permanent home for Inter Miami.
“This was like birthing a child, this deal,” Suarez said after thanking Inter Miami owners Jorge and Jose Mas and retired footballer David Beckham.
“Not only do I challenge anyone to find me a better deal,” Suarez added. “I’d actually like to know if there is one.”
The mayor made those comments at his final State of the City address, bookending a term marked by highs and lows.
From a foray into cryptocurrency to a short-lived presidential campaign and extensive travel to the Middle East and beyond, Suarez’s eight years as mayor have been far from conventional. He sought to elevate Miami to the global stage by promoting the city as a tech capital, welcoming wealthy out-of-state transplants like billionaire hedge fund owner Ken Griffin and co-hosting a Saudi government-sponsored conference.
The part-time, largely ceremonial role of Miami mayor comes with an annual compensation of about $130,000. But Suarez parlayed his notoriety as figurehead of the Magic City into about a dozen lucrative side jobs.
READ MORE: Mayor for Hire: Francis Suarez’s wealth boomed while he promoted Miami as tech capital
Suarez’s wealth has skyrocketed since he took office. His net worth climbed from the negatives in the early 2010s while he served as a city commissioner to about a quarter-million dollars at the time he became mayor in 2017, with it continuing to increase to just under $4.5 million at the end of 2023, according to the most recent financial disclosure Suarez filed over the summer.
But that financial success has also been the subject of scrutiny over the past two years. Perhaps the largest scandal during Suarez’s tenure involved revelations about his financial ties to embattled developer Rishi Kapoor, the former chief executive of the now-defunct development firm Location Ventures, at the same time the mayor’s office was intervening to help Kapoor overcome a permitting issue delaying his multimillion-dollar Coconut Grove development.
READ MORE: Miami mayor subpoenaed to testify in SEC’s case against developer who paid him
During his State of the City address Wednesday — typically a forum for touting accomplishments and looking ahead to the future — Suarez opted to highlight the positives during his 16-year stint in Miami City Hall.
Those accomplishments included what may be the lowest homicide rate per capita in the city’s history, an increase in the median household income, funding for programs for disadvantaged youth and investments in infrastructure, like $60 million in federal funding for the Underdeck project.
Meanwhile, unprecedented growth in the city over the past few years has contributed to a housing crisis that’s pushed many residents out.
In acknowledging those “growing pains,” Suarez referred to a previous comment from Griffin, the CEO of Citadel: “You’d rather have the kind of problems that come from success than the kind that come from failure,” the mayor said.
Suarez, who does not have a vote on the City Commission as mayor but does have veto power, pointed to a political win in the fall when he vetoed a vote by city commissioners to approve lifetime pensions for themselves. Suarez himself would have become a pension recipient had he not vetoed the legislation and could have earned what he calculated to be millions of dollars over the course of his lifetime.
“I thank God for the opportunity to demonstrate definitively that my integrity is not and will never be for sale,” Suarez said.
The mayor’s address took place at the former site of the Melreese golf course, which is the future location for Miami Freedom Park. Suarez helped negotiate that deal, a feat that was impossible to ignore Wednesday as construction took place behind the mayor’s podium.
“We find ourselves in a place rich with symbolism,” Suarez said. “A city asset that few residents could have enjoyed is now being transformed into a world-class multi sports complex open to the public with plenty of green space.”
The project has been years in the making. In 2022, the city awarded Beckham and the Mas brothers a 99-year lease to develop the site into a future retail village, 750-room hotel, office park and 25,000-seat stadium to host Inter Miami home games.
Suarez stated that the project, which is privately financed while getting funding from the state, will generate $2 billion in revenue for the city over the life of the lease.
“It’s moments like these that often go unseen, having to work on my birthday from 10 p.m. to 2 a.m., negotiating what I believe to be the best sports deal in America,” Suarez said.
What’s next?
Suarez will remain in office until late 2025 when a new mayor is sworn in. But rumors have circulated for months about Suarez’s political future, including the possibility of him working under President-elect Donald Trump.
An appointment to the Trump administration isn’t out of the realm of possibility: Trump recently tapped Miami-Dade County Commissioner Kevin Cabrera to be the U.S. ambassador to Panama.
Asked at City Hall last week if he has been contacted by the incoming administration about a potential ambassador position, Suarez paused for nearly 10 seconds before answering.
“I have not been informed of anything or notified of anything,” the mayor said. “So, as I’ve mentioned in the past, I’ve offered myself to serve, but I have not received any notice or notification.”
He walked away when asked for further details.
Suarez’s political committee, Miami For Everyone, has also remained active. The PAC has reported spending about a half-million dollars since June, including over $200,000 in the last two months of 2024 alone.
Meanwhile, Suarez has floated the idea of running for Florida governor in 2026 when Ron DeSantis reaches his term limit.
Asked Wednesday what’s on the horizon, Suarez said he’s taking it “one day at a time.”
“The one thing you can almost guarantee about politics,” he said, “is that there’s constantly opportunities if you want to serve.”
This story was originally published January 15, 2025 at 6:04 PM.
.jpg)