Miami voters could decide future of Marine Stadium
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Younger Miamians know the stadium best as a graffiti-covered relic. Here it is in 2014. Photo: John Parra/Getty Images
A proposal to hire a private company to operate the long-shuttered Miami Marine Stadium will be presented to voters if the City Commission approves the plan at its Thursday meeting.
Why it matters: The historically designated stadium has been shuttered for longer than it was in operation, despite numerous city- and celebrity-led efforts to revive it, as WLRN has reported.
Driving the news: The proposed ballot question asks whether the city should enter an agreement with the company Oak View Group to "activate and manage events" at the stadium.
- As part of a proposed 10-year term — including options to extend the term up to 30 more years — Oak View would pay the city up to $10 million following the restoration of the stadium.
- The city would receive majority revenue splits and pay Oak View about $400,000 a year to run the venue.
- The proposal was sponsored by Commissioner Damian Pardo.
Catch up quick: Built in 1963, the city-owned stadium on Virginia Key was declared unsafe after Hurricane Andrew battered it in 1992.
- Last year, the city sought a company to manage the stadium and its adjacent Flex Park, selecting Global Spectrum, which does business as Oak View Group.
- Oak View had planned to host concerts and festivals, continuing the venue's legacy as a live events hub, per the Miami Herald.
- The process stalled last year after the company's former CEO was indicted on federal bid-rigging charges in an unrelated Texas stadium deal, the Herald reported.
Follow the money: It's unclear when the stadium would reopen under the plan — or how much it would cost to restore it.
- In 2024, WLRN reported that the estimated cost of repairs was about $61.2 million.
- A proposed term sheet says the city would be responsible for all design and construction costs for the renovations, apart from Oak View's contribution.
Meanwhile, a related item up for a vote Thursday would authorize the city to enter an initial five-year agreement with Oak View to run the Flex Park outside the stadium and provide consulting for the stadium project.
- Under this five-year agreement — which would be terminated if the longer-term deal were approved by voters — the city and Oak View would develop a plan laying out costs to renovate the stadium and park.
- Oak View would be paid $330,000 a year.
The term sheet also envisions Oak View negotiating sponsorship deals for the stadium, including naming rights, which could help fund its operation.
What they're saying: Don Worth, co-founder of the Restore Miami Marine Stadium advocacy group, recently said there was about $25 million in non-city funds available for the project, including the sale of historic tax credits.
- Worth told real estate commentator Bryan Gorrita that Oak View is "an expert in naming rights, which is an enormous source of income."
The bottom line: Worth said he wants a full accounting of how much construction would cost and how much revenue would be brought in.
- "But I'm very optimistic that this proposal is going to be very sound," he said.