Royal Caribbean Appears To Have Halted Construction At Their Giant PortMiami Headquarters (Photos)

Royal Caribbean broke ground in 2019 on a massive new global headquarters at PortMiami, but construction appears to be on hold for now.

The office complex was being built to resemble of a ship, and the shape of the building can be seen in aerial images taken this week by Architectural Designer and Urban Planner Aaron DeMayo.

RCL was building the state of the art complex in an effort to attract world class talent to Miami. The campus was planned to house up to 4,200 employees, about double their current workforce capacity.

The complex was planned to include a soccer field, volleyball court, basketball court, fitness center, electric car chargers, solar panels, and rainwater collectors.

According to YCharts, RCL’s Market Capitalization peaked at an all time high of around $28 billion just after Christmas last year. It then dropped below $5 billion when the pandemic hit, and has now recovered to around $16 billion.

RCL was expecting to spend around $300 million on the new complex.

 

The construction site in December 2020:

Photos with cranes still in place, March 2020:

(all photos: Aaron DeMayo)

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Anonymous
3 months ago

They took their cranes down in April.

Anonymous
3 months ago

Damn the pandemic.
This is a beautiful building.

Anonymous G
3 months ago

Shame
Hopefully they will start construction again. Really great looking building. Was excited to see this one open.

Anonymous
3 months ago

They’re over $20 billion in debt now and have exhausted just about every option for increasing liquidity even to the point that they’ve recently sold off two ships in their fleet. Credit warnings have also been issued against them, if they’re unable to begin a significant number of sailings by early summer then bankruptcy filings will likely begin. They really had unfortunate timing in building this HQ, with how many employees they’ve lost they also won’t even be able to fill it with anyone even if it were completed. Also bad timing since remote work is on the rise which will make it even harder for them to attract top talent that’s required to go into that office.

J.M.
3 months ago

*CRIES*

Anonymous
3 months ago

When you get laid off from the 27 AVE Burger King we’ll weep for you too.

Azarius
3 months ago

That really sucks! I was looking forward to this project. Added a lot of value to the port. Hopefully they start back up

Anonymous
3 months ago

Construction stopped months ago..

Anonymous
3 months ago

they will be lucky to make it out of the pandemic alive.

Anonymous
3 months ago

Agreed they won’t be sailing till late this year and it will take years to get back to where they were on 2019.

Anonymous
3 months ago

they wont sail till may 2021

Anonymous
3 months ago

Indeed, their balance sheet is looking terrible right now and they only have a few more months before they’re insolvent under the current zero revenue situation. Their attempted restart even in Asia with a cruise to nowhere had to be cut short cause passengers caught COVID

Anonymous
3 months ago

It was a false positive, no one caught COVID.

Alex
3 months ago

Hoping they will restart in 2nd quarter of 2021

Anonymous
3 months ago

I think the real disappointing thing here is that port side Miami or whatever the name of the former development project never came to fruition. Could have been an entire district dedicated to the cruise, marine and shipping industries.

Anonymous
3 months ago

Don’t worry, Biden will fix everything with his son’s Chinabux, and it will be back under construction with SHORE POWER!

Anonymous
3 months ago

No no no no noooo…. you mean Ivanka and Jared are going to fix everything for Royal Caribbean and that’s the reason for them moving to Miami.

Shawn Kouri
3 months ago

So when are they going resume resume construction?

Anonymous
3 months ago

after they pay their massive debt

Anonymous
3 months ago

Lmaoooo

Anonymous
3 months ago

They are moving operations to Tampa.

Sure Jan
3 months ago

So the County gives all these cruise lines (which aren’t American) a quarter billion bailout, and Royal’s share wasn’t enough to keep this going? Would love to see where their bailout funds went…

Anonymous
3 months ago

Royal got no bail out money bud

Sure Jan
3 months ago

That’s incorrect. Royal and Carnival were the only two cruises actually identified in the legislation passed by BCC on 10/20/2020. Royal’s lease was renegotiated and pro-rated giving them millions of dollars back. Why don’t you fact check, bud.

Anonymous
3 months ago

So was it a quarter billion as you originally stated or millions?

Sure Jan
3 months ago

Quarter billion for the entire package. Reading is fundamental, hunni. You could also look up the legislation yourself. I gave you the date it was passed by BCC. All meeting minutes and legislation is posted on the County’s website.

Anonymous
3 months ago

I just read through the BCC and call BS.

Anonymous
3 months ago

So you are equating the county providing discounts to the ship birthing rights and terminal lease agreements while the ships are not in service as a bailout? And by your logic these future expense reductions were supposed to go towards completing the no longer prudent corporate HQ? On top of that you are implying that these funds were somehow misappropriated? What an obtuse stance.

Anonymous
3 months ago

It went to keeping the AC on their ships so they could return to operating after the pandemic. New HQ doesn’t make money – new cruise terminal will help get people back.

Anonymous
3 months ago

They may based off-shore due to labor/legal reasons, but they are functionally an American company. Royal Caribbean is headquartered here locally and are one of the largest employers in the county. I haven’t read up on the specifics of whether they received bailouts but if they did, I would sure hope they would not be spending it on constructing a new headquarters.

While I am sad to see the project come to sand still, I recognize that it is the most prudent decision given the circumstances of this past year. Once they can ride out the worst of the storm, I am sure they’ll recommence construction.

Anonymous
3 months ago

Once they starting making billions again, free of any income taxes since they are an offshore company, will they payback the county for the rent deferment?

Anonymous
3 months ago

Hopefully that was delineated in the terms. Haven’t looked into it so I couldn’t say. For the taxpayer I’d hope so.

Also, as I mentioned before , most cruise companies are based offshore due to labor laws not for tax avoidance. The small islands make deals to have lax labor laws that allow the companies to contract employees from around the world and set up work schedules that most western countries prohibit in exchange for hefty tax bills. The Bahamians and Bermudians are generous people, but they know how to take advantage of a business opportunity.

Anonymous
3 months ago

The only “bail out” the cruises were given were temporary reductions to the Terminal leases and ship birthing agreements while the ships are out of service. The county agreed to this because it is in their long term best interest to try and keep thousands of high paying jobs HQ’d in the city and millions of tourists annually leaving from the port. Equating this very reasonable temporary rent reduction as another example of a “bail out” using tax payer funds to cover an irresponsible company is absurd and lazy in this instance.