Miami Marine Stadium restoration deal is officially heading to voters
In six months’ time, Miami residents will have the chance to vote on a proposal that would allow a private group to restore and operate the iconic Miami Marine Stadium so that it can once again be used as a concert and performance venue.
On Thursday, the Miami City Commission unanimously passed a proposal to award the Marine Stadium project to Global Spectrum, a subsidiary of Oak View Group, one of the country’s largest operators of sports and entertainment venues, and to send the deal to voters on the August ballot to make the final decision.
Thursday’s commission vote was the latest development in a rocky saga for the future of the historic stadium on Virginia Key that shuttered in 1992 after suffering damage from Hurricane Andrew. City officials tried to get the proposal on the November ballot last year, but the deal was halted amid revelations about criminal charges against Oak View Group’s former CEO, who has since been pardoned by President Donald Trump.
“The passing of these items is a monumental first step forward for one of Miami’s most iconic landmarks, and a big victory for everyone who has worked for years to see the stadium restored,” Commissioner Damian Pardo, who sponsored the proposals, said in a social media post after Thursday’s meeting.
The ballot question approved Thursday reads as follows:
Shall the City enter into a management agreement with Global Spectrum L.P. to activate and manage events at the Historic Miami Marine Stadium and Flex Park, 3501 Rickenbacker Causeway, Miami, FL 33149, as follows:
- City receives 93% of gross sales of all events after deducting a $33,333 monthly management fee
- City receives 85% of sponsorship revenues
- 40 year term
- Global Spectrum to pay the City up to $10,000,000 towards the restoration of Historic Marine Stadium?
READ MORE: Miami Marine Stadium resurrection? After 32 years, support grows to reopen historic venue
Under the proposed agreement, Global Spectrum would receive a 10-year management contract with three options for renewal. The city would receive a large cut of revenue from events and sponsorships while paying Global Spectrum a monthly management fee. The company would also invest $10 million in the project and would design and oversee renovation plans.
Miami-Dade County Commissioner Raquel Regalado spoke in favor of the proposal Thursday, saying the Marine Stadium restoration is like the “fourth child” of her father, former Miami Mayor Tomás Regalado.
“It is iconic. It will be a beautiful venue. It will be the face of the city of Miami for many years to come,” Raquel Regalado said.
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