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.