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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marc
4 years ago

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
4 years ago

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

Anonymous
4 years ago

It will provide jobs to the community, right?

marc
4 years ago

Supposedly

Anonymous
4 years ago

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
4 years ago

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
4 years ago

can we please get a redesign

Anonymous
4 years ago

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

Anonymous
4 years ago

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

Anonymous
4 years ago

Yes.

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

Anonymous
4 years ago

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