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MDM Paying $45M For Convention Center Hotel Site, Closing Within Weeks

The contract price for the former Miami Arena site has been revealed.

MDM Development is in contract to pay $44,500,000 for the property. The developer has $4 million in escrow (of which $2 million has been released to the seller), and the transaction is expected to close in the first calendar quarter of 2017.

The transaction details were revealed in a $75m bond offering for Worldcenter infrastructure that was just completed.

The convention center hotel will be operated under a “major flagship hotel brand” (already announced as Marriott by MDM,) and will include 1,700 hotel rooms and 600,000 square feet of convention space.

MDM has said the project would break ground in Spring 2017.

 

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13 Comments on "MDM Paying $45M For Convention Center Hotel Site, Closing Within Weeks"

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marc
marc

This is as they say a “game changer” for the area. Having such a large hotel and a convention center right in downtown and with near access to different modes of mass transit will make this area a 24 hour center of activity. The amount of foot traffic will increase tenfold.

Anonymous
Anonymous

This will be a tremendous anchor in Park West! Can’t wait for it to start in the next three months

Anonymous
Anonymous

It will provide jobs to the community, right?

marc
marc

Supposedly

Anonymous
Anonymous

Hard to believe the Miami Arena was only 20 years old when it was torn down and the city was still paying for the expenses of it. Only in Miami.

Anonymous
Anonymous

what took Miami so long to realize they needed this facility and the large scale hotel nearby???you guys cant claim to be a big metropolis on the par with new York,chicago,los angeles with out the proper developments.you are too busy building condos for foreign investors who are just parking money here and will never come..

Anonymous
Anonymous

Yup. But you know, Miami never really “was” a big metropolis to begin with. It is an over-crowded suburb with tall condos for foreign investors *exclusively*. You see, Miami is about 40-50 years behind the rest of the country. Eventually, it does catch on, but it takes a little time. Progress moves slow in Miami.

Anonymous
Anonymous

can we please get a redesign

Anonymous
Anonymous

The new design doesn’t look bad it just don’t look as good as the first two designs.

Anonymous
Anonymous

Agreed. The first designs were gorgeous. This looks like any other hotel by the Miami airport area.

Anonymous
Anonymous

Yes.

MDM, please go back to the last design for the convention center, it’s much better looking than this new one.

Anonymous
Anonymous

Honestly how can someone tell MDM to redesign this 1988 looking style structure.

Anonymous
Anonymous

Take me back to 1988. What a great year.

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