Miami’s Olympia Theater sale is up for a final vote. Read the agreement details
The Miami City Commission is expected to take a final vote Thursday on the sale of the Olympia Theater, finalizing a deal that would deed the historic venue to a public charter school that would be on the hook for millions of dollars in repairs.
The commission took an initial vote on the proposal in July but stopped short of giving final approval because several key details remained unresolved, including a more precise estimate for the cost of repairs and specifics about the level of access the public would have to the theater.
But two months later, the city is ready to move forward on its plan to transfer the deed of the 1926 theater and adjacent 10-story building to Sports Leadership Arts Management, or SLAM for short.
The official transaction price is $10, according to the purchase and sale agreement. But SLAM would be responsible for an estimated $77 million in repairs, according to the city. That includes $57 million for work related to the building’s 40-year recertification and $20 million to renovate the upper floors.
“That cost far exceeds the value for the property and unfortunately, is beyond the financial means of the City,” the city said in a statement last week.
SLAM would have five years from the date the initial building permit is issued to complete the restoration requirements “in full compliance.”
SLAM officials have said that the actual school would be housed in the adjacent building — not in the theater itself, which would be used for cultural programming. Under the agreement, SLAM would partner with Miami Dade College for some theater programming.
The agreement stipulates that the school would be required to make the theater available for a minimum of 180 days per year for public events. The events “shall be open and available to the public and shall not include events in which tickets are not sold to the general public,” the agreement states.
If SLAM fails to meet two conditions — completing repairs within five years and using the building exclusively for “public education and civic purposes” — the property would revert to the city.
In a statement Tuesday, Miami Mayor Francis Suarez celebrated the agreement.
“This landmark has long been a cultural gem for our community, but it is in urgent need of investment to ensure its future,” Suarez said. “Through this agreement, we will not only preserve the Olympia’s legacy but also create new opportunities for our young people through arts education and provide a stage worthy of world-class performers.”
The proposed agreement also resolves a protracted legal battle between the city and the family of entrepreneur and philanthropist Maurice Gusman, who gifted the theater and its adjoining office building to the city in the 1970s. Gusman donated the theater under the stipulation that the semi-autonomous Miami Parking Authority would manage the property.
But the parking authority stepped away from management in 2011, and the city’s code compliance division issued a “repair or demolish” order for the theater in 2018 following years of neglect during which the building had deteriorated. In 2019, the Gusman family heirs sued the city to reclaim ownership of the property, arguing that a reversion clause in the deed had been triggered when the Miami Parking Authority stepped back from managing the building.
The new proposed agreement would put an end to that litigation. It stipulates that the Gusman family will file a voluntary dismissal of all claims in the lawsuit against the city within 30 days of closing.
“Most importantly, this effort has the support of the Gusman family, whose vision and generosity gave Miami the Olympia in the first place,” Suarez said. “Together, we are honoring that legacy while securing a vibrant new chapter for this treasured theater.”
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