The developers of Miami Freedom Park say they have finalized negotiations with the city to build a $1 billion complex and expect commissioners to approve the deal shortly, according to the Herald.
The $1 billion project will include a soccer stadium, offices, hotel, shopping mall and parking garages, among others uses.
Mayor Francis Suarez told the paper that the city has now reached an agreement in principle with the developers of the project.
To obtain control of the green space currently owned by the city, the developers will relocate their soccer team here for at least 30 years, and promise to use the name “Miami” in the team name.
There has not been any increase in the $3.5 million minimum base rent the developers would pay since the proposal was first unveiled in 2018.
However, the city may now get a 5% cut of stadium naming rights, if a naming deal exceeds $8 million.
The developers will also pay $20 million towards improvements of the adjacent park, and $5 million toward the riverwalk and baywalk (to be paid in installments). They will also pay for soil remediation at the project site.
The developers say they expect to win approval for the 99-year rights to the 131 acres of land in a no-bid deal.
They will use 73 acres for their project, while renovating the remaining 58 acres as green space.
The land is currently used as the only municipal golf course in the city, the Herald said. It is also located next to Miami International Airport, which is opposed to the project over aviation safety and traffic concerns.
Jorge Mas, the managing partner of the group, claimed he could be able to break ground in Fall 2022, with completion in late 2024.