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Here's How Beckham's Partners Say They Will Make Billions By Building On City-Owned Land

Here’s How Beckham’s Partners Say They Will Make Billions By Building On City-Owned Land

David Beckham and his partners could make big profits if the city turns over the Melreese Golf Course to them for development, according to a new analysis.

The estimates were provided by analysts hired by Jorge Mas, a partner of Beckham.

Beckham and his partners will be taking in annual rent of:

  • Office – $16.16 million
  • Parking – $11.5 million
  • Retail – $24.36 million

…totaling over $50 million in rent received every year, while proposing to pay the city just $3.5 million in base rent (although they are likely to raise that offer).

In addition, a hotel would generate $60.45 million in annual sales, Golf Entertainment would generate $15 million, and a stadium $42 million.

Over the course of a 99-year lease, Beckham and his partners would earn billions in rent and revenue. Of course, the complex would need to be built, at a significant cost.

Like most city parks, Melreese doesn’t generate a big profit or property tax for the city. Beckham’s team argues that it should.

The study shows however, that while the city of Miami has most to lose by having its green space paved over, most of the $40 million in tax revenue projected to be generated by the new project wouldn’t actually go to the city, but would instead be directed to the county and state.

 

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Anonymous
Anonymous

The Mas group should man up, buy their own land, and build their crappy mall and suburban office park there.

Anonymous
Anonymous

Exactly! There’s plenty of land available for sale if they want to get in the real estate development business.

I would much rather have Related, Stiles, or another local developer make this happen. They will take this land from the City and have their own Watson Island fiasco.

This must be some joke! I don’t know how Beckham or his racist partner can be serious.

Anonymous
Anonymous

Can you lay off the racist bit please? It makes it hard to take your seriously.

Anonymous
Anonymous

As a Cuban American I can tell you most Cuban Americans from Mas’ generation are a little racist.

Anonymous
Anonymous

Y’all are still racist in this generation, experienced first hand from y’all and still see it. Don’t try to cover it up.

Anonymous
Anonymous

As if we didn’t know that.

Anonymous
Anonymous

Such a joke. This isn’t 2008 when Marlins ravaged our city with that deal. It’s 2018 and the internet age is stronger than ever. Spread the word so voters are fully informed!

I for one will be voting against this bs deal. Build it in Overtown on the privately owned land you’ve already purchased. Sports stadiums don’t make neighborhoods but they can def help rejuvenate them

iFlyMIA
iFlyMIA

Good luck with that. Overtown? Cool idea. But bad location. Too crowed (can’t compete with this one), no true public transportation and not the safest

Anonymous
Anonymous

What?

Location: On the river
Public Transit: < 10 minutes, 4 blocks to Metrorail.
15 minutes, <1 mile to Miami Central Train station.

Gene
Gene

Hey if its on the river, then why not a water taxi or ferry service. Another reason to build there.

Anonymous
Anonymous

@ IFlyMIA – You are definitely not the sharpest tool in the shed are you? Everything you just wrote is wrong. Have you even been to the area? The area is not crowded at all, in fact it is filled with empty lots, public transportation is 4 blocks away, it is called Metrorail, have you heard about it? It has been around since 1984. And as far as safety why don’t you go to Casablanca, The Wharf, and Sea Spice, people with BMW’s, Benz’s, and even Ferraris frequent these places. I am pretty sure your Corolla will be just fine.

Anonymous
Anonymous

burn

Steve in miami
Steve in miami

FYI the new location is across the street from Metro-rail, tri-rail, county bus station, MegaBus, and Greyhound.

Drop mic

Anonymous
Anonymous

Sorry Steve, these “wannbe” soccer fans here in Miami don’t care what you say.

No.
No.

It’s about as ‘across the street’ from Melreese as the metrorail and Miami central are from the Overtown site…..

Anonymous
Anonymous

Miami is changing.. look at Edgewater, Midtown, Wynwood.. not long ago somewhat unsafe.. now walkers paradises.

Anonymous
Anonymous

And what do all those neighborhoods have in common? Close to the bay and urban core. The airport stadium will be a white elephant and probably cost the city more than what Beckham will pay in rent and taxes.

Anonymous
Anonymous

Hey genius, part of your tax dollars goes towards maintaining this golf course and I bet you’ve probably never stepped foot in it once.

Anonymous
Anonymous

Maintaining the golf course will cost a lot less than what it will cost the city to maintain the new park and stadium once the project either fails or rosy predictions from the Mas/Beckham group don’t come true. No one is talking about what it will cost the city to provide services to this new office park with a stadium.

Gene
Gene

Not yet but lets continue to develop destinations to be walked to……like the stadium in Overtown.

Anonymous
Anonymous

Walk to an Overtown soccer stadium from where?

Anonymous
Anonymous

Edgewater is a Walker’s Paradise?
I always thought it was cheap waterfront acreage where you could print brochures that sell the view, and could ignore the guy changing his oil in his front yard one block away. Walker’s Paradise if your work truck doesn’t start in the morning and you have to walk to the Autozone to buy an alternator belt.

Anonymous
Anonymous

Spring Garden residents wont let it happen in Overtown, and they have the means to keep them in court for years to come.

Anonymous
Anonymous

The best argument AGAINST Democracy is a 10 minute conversation with the average voter.
Melreese Golf course is 135 acres. That is over 2 Midtowns…
Is that enough? Too much? Do you think the average voter has a clue? Does the more in-tuned person who reads and posts here have a clue?

For some perspective, of the 135 acres, Melreese has a 12 acre driving range (9% of the land). A Top Golf facility can located on a 9 Acre site with all the golf, meeting space, parking, etc. within that envelope.

When low-information “journalists” talks about the “green space being paved over”, take that with a grain of salt. Be smart, get educated, get involved.

If a 12 acre driving range isn’t used, does it make a sound?

Put in a TopGolf on 9 acres, and then use the 3 acres of just green grass (with no parking) for the “journalists” and knuckleheads who whine about parking to sit circles on the grass, sing Kumaya, and resent the millions of people who will be living life on the sensibly utilized acres.

Anonymous
Anonymous

I am beginning to understand why the Mas Brothers want this to happen. They could care less about soccer they just saw Beckham coming and decided to jump on this Cash Cow. I am a true soccer fan and I will go to either Overtown or the Airport as long as they can bring stars to play for our team, and I don’t care if they are old and passed their prime, a 36 year old Ronaldo or a 37 year old Messi will be just fine.

¯\_(ツ)_/¯
¯\_(ツ)_/¯

I’m almost 36….. 🙁

Anonymous
Anonymous

Finally, a true soccer fan who’s telling it like it is!

Gene
Gene

Bingo

Anonymous
Anonymous

I’m with you on this, but Honestly there will be no Stadium in Overtown, Beckham and Ptrs. have been stuck in Litigation for over 2 years because of the Matheson Family.

It’s pretty much a pissing competition here in Miami, but at the It will just be sad when Beckham takes his team somewhere else.

Anonymous
Anonymous

“Parking – $11.5 million”

Anonymous
Anonymous

These old guys don’t understand that young fans like to take the train, etc to matches.

The proposed overtown site was a short 4 block walk from Metrorail and a very manageable 15 min 3/4 mile walk from Miami Central, for all those fans coming in from other cities.

But they don’t really care about the soccer – they just want free/cheap land to build and make $$$$.

¯\_(ツ)_/¯
¯\_(ツ)_/¯

LOL. Really? I’m willing to bet the vast majority of fans will take their personal car or Uber/Lyft to games. Doesn’t matter if it’s built in Overton or Melreese. This isn’t NYC. Miami is more car-centric like LA. Thinking Metrorail will be the main source of transportation is just wishful thinking on your part.

Anonymous
Anonymous

Don’t know what bubble you guys live in, the comment above is telling the truth. Most attendees will be driving.

Anonymous
Anonymous

I think you’re underestimating how many people in Miami would like to not have to take their car to get somewhere. Many of those who live in Brickell today, pay more so they can live a place where they “don’t have to drive everywhere they go” or commute to work in a car either.

Sure they will drive to the stadium if it is their only option, but if the stadium were build near mass transit and they lived downtown, I think you’d be surprised how many would choose that option. NYC’s transit culture was not built in a day, but over many years. They too had crappy infrastructure once, but they got over their “well we’re a car place… deal with it” attitude ultimately, we will also eventually (given enough traffic).

Besides, So Fla already has a place for that car attitude, it’s called Broward county. Go live up there and sit in traffic to your hearts content.

Anonymous
Anonymous

You and people like you argue that just because you have a kick ass transportation system everyone will use it and magically there will be less cars on the road. I lived in Manhattan for over 5 years and Washington DC for another 4, both cities have amazing systems in place. Although millions of people use public transportation on a daily basis their traffic is beyond crazy! Plain and simple if you want to live in a big city you just have to deal with traffic. Your first point however is right on the money. I work, live, and play in Brickell, that is my little bubble and I hardly get out except on the weekends when I have to drive to Broward to see relatives, and no, I will never give up my car.

Anonymous
Anonymous

I wish there were a way to give 10 thumbs up.
This is common sense to you and me, but I’m shocked how many “educated” people dont understand that spending other peoples money on Public Transit doesn’t “take cars off the road” it attracts more residents and more cars.

Anonymous
Anonymous

LOL have you ever driven in S. Fla traffic?

Anonymous
Anonymous

Miami has plenty of NYC-style transit culture. it’s also been called “the 6th borough”

Anonymous
Anonymous

Old guys have a bunch of young smart people working for them.. lol

Anonymous
Anonymous

as if there wasnt a train going to the airport….the river site sucks

A. Nonymous
A. Nonymous

I have truly tried to take Metrorail to the airport from where I live near 20th & Biscayne on several occasions. I had to allow an hour to walk to Metromover to go (backtrack) to Govt Ctr to ride to the “Airport” stop that required transferring to another train and then a long walk. With luggage.
Or I can take Uber/Lyft that costs $13-$16 and takes 15 minutes door to door.
I’m a fan of public transit, but it’s got to at least be in the same ballpark as the alternative.

Anonymous
Anonymous

However, it is a one seat ride form Brickell to the airport.

Anonymous
Anonymous

Believe me. I was a strong advocate for the Airport Metromover extension.
It is horrible.
From Brickell, it costs $2.65 (?), and it takes 21 minutes to get to the “airport station”.
SOUNDS GREAT!
Not really. The “Airport Station”, which is really at the Rental Car Center, then requires you to schlep your luggage up 30ft or so on an outdoor (Read: Humid, hot, uncomfortable in summer).
Once you make it to the top, you drag your luggage through the turnstiles an walk/drag about 150 yards to another metromover car which takes you from the Rental Car Center to the Airport PARKING STRUCTURE!
Okay, you get out there. This is not air conditioned either. They have those moving sidewalks, but I have NEVER seen them all working.
Once you walk from the metromover thing for another 300 yards, you will reach your terminal.

After all that, the TSA is a freaking pleasure…

Uber, from Brickell, door to door is $16 and about 20 minutes.

Anonymous
Anonymous

“Did anyone hear what the announcer at the game said? All I heard was a 747 cargo plane taking off….”

Future quotes from this crapy location.

Anonymous
Anonymous

You mean, you actually hear the announcer over thousands of screaming fans at a soccer game?

Anonymous
Anonymous

How cute you think thousands of Miamians will go see an MLS game.

Anonymous
Anonymous

Also.. Ronaldo scores again 2-0 Miami inter over Atlanta.. what an amazing stadium and loud crowd over 30k

Anonymous
Anonymous

LMAO! You honestly think Ronaldo gonna come play for an MLS team? From my understanding, he just signed a huge deal to keep playing in Europe. It’s like asking Tom Brady to play in the Canadian Football League when he retires from the NFL. Not going to happen.

Anonymous
Anonymous

Again, lets stop these carpetbaggers!

Marlins Scam Again
Marlins Scam Again

Marlins Scam Reborn? Taxpayers are still stuck paying over $3 Billion plus all the interest payments on the County and City bonds sold to pay for the Marlins Stadium. Thank you for showing the math. This deal looks terrible for anyone who likes parks. Worse, the taxpayers are getting screwed.

Anonymous
Anonymous

Soccer or no soccer. This wasting golf course should be redeveloped and made productive.
In this estimation OVER $20m in property tax revenue ANNUALLY will be added to the coffers.
ANNUALLY.
Construction jobs. Check.
Marketing jobs. Check.
Legal Jobs. Check.
IT jobs. Check.
With all the ANNUAL tax dollars going to schools, let’s hope the next generation gets educated enough to know a no brainer when they see one.

Anonymous
Anonymous

So how much will it cost the city to provide services? Probably more than they will take in. If the Mas/Beckham group is so sure this will be a success, then let them buy their own land.

Anonymous
Anonymous

OK, then let’s put out a RFP and let’s pick from the best proposals. Not just one single unsolicited proposal.

Suomynona
Suomynona

No. All of that money isn’t going to schools.

Anonymous
Anonymous

Of course not ALL the money is going to schools. Get educated. Look up Ad Valorem taxes.
With 135 Acres of well placed land, the amount of dollars going to the schools now are negligible.
WITH this proposal,there will be private schools on site, and millions in NEW taxes going to schools.

Anonymous
Anonymous

This is what you all forget. Masayoshi Son of Softbank is the REAL money behind Beckham’s stadium proposal and wants to bring a more technologically advanced vision of a soccer stadium, technology experience and office/retail component to the deal. The Overtown site will no longer provide the needed space for his vision. They needed local support so the Mas family was the perfect partner to usher in the idea of a new venue. .

“I want to make it the most technologically advanced, futuristic stadium in the country,” Mas said. That all comes with a price tag that neither the Mas family nor David Beckham could pay for themselves. Hence with the introduction of Masa to the equation, Overtown was never going to work.

If Miami wants a soccer team and the ability to support it, then this is the type of venue that will be needed. Otherwise, the Beckham/Miami experience will go elsewhere.

Just saying…

Anonymous
Anonymous

So let them. WE have a lot of malls and office parks. We don’t need any on public land.

Suomynona
Suomynona

They can build their office/retail anywhere. It doesn’t have to be directly next to the stadium on PUBLIC LAND.

Thanks for playing.

Anonymous
Anonymous

Not just masayoshi but also Marcelo CEO of Sprint and partner with T-Mobile..

Maybe this can attract Amazon.. or even UM football

this is a win win for everyone as well for community

Anonymous
Anonymous

Excellent post and good observation with the SoftBank connection.

Anonymous
Anonymous

Want this to fail? There’s probably a picture of Beckham with Diego Maradona somewhere.

Anonymous
Anonymous

They pulled these numbers out of their ass

Anonymous
Anonymous

Meanwhile Francis Suarez is all aboard this.

Gene
Gene

Francis “Money” Suarez

Anonymous
Anonymous

Old guys understand how money and time works.

Stadiums on their own…. dont work.
Shake downs from Overtown “Community Leaders/Community Organizers”…don’t work.

Office buildings work. Hotels work. Retail works. Its proven. If you want to do something unprofitable, like a stadium or a fast train, you should consult an old guy and couple that folly with something that works. Then, in total, the project works.

Miami Hurricane
Miami Hurricane

The format of the “report” looks like it was assembled by a rising junior in college. A 3-D pie chart and the generic light blue table from MS word? At least they have good spreadsheet hygeine. Someone send these guys back to the consulting or banking world for some training.

Sorry for the negativity, not trying to rip a boutique firm, I just expect more for a report of this magnitude. This needs to be backed by a McKinsey or mid-size firm before I take it seriously. To each their own though.

Anonymous
Anonymous

The report was probably put together in one day.

Anonymous
Anonymous

I don’t give a fuck where it’s built just build the damn thing! I read about real estate everyday an about other cities and I never hear about the circus of BS I read about in Miami. Here is a high profile celebrity that wants to build a soccer team, what’s the problem? It’s just soccer for crying out loud, it’s only going to benefit the city. To build a stadium with only a few games a year is one thing but to build a $1billion project that will benefit the city an residence that’s a win, win! The only people using that park right now are people who play boring golf! If they build this it means we can all enjoy the park, stadium, hotel, soccer fields, golf and what ever else they have planned. If they make billions so what it’s business your supposed to make money let’s just build it

Anonymous
Anonymous

If that’s how you feel, then why don’t we open the bidding process? Why just agree to the Mas plan? There are probably developers with much better ideas and probably willing to pay more than Beckham.

iFlyMIA
iFlyMIA

Make. It. Happen.

Probably my favorite out of all.

If what they say is all true, it’s a win-win.

Anonymous
Anonymous

What they say is not true.