A cease and desist letter has been sent to the City of Miami over Ultra Music Festival and plans to host Formula 1.
The letter was sent on behalf of 11 residents of 50 Biscayne and Epic. (Ultra was sold out in 2018 with a record-breaking attendance of 165,000, and attracted over 30 million online stream viewers).
Ultra is in the middle of renegotiating their lease, with Miami commissioners asking for their rent to be doubled to $2 million. Formula One doesn’t yet have a deal.
The cost of hosting the race annually is around $55m, according to Forbes. F1 and Stephen Ross are said to be covering the majority of the cost.
Setup time would take around three months, with cleanup taking 2-3 weeks.
At a recent neighborhood meeting attended by Mayor Francis Suarez and F1 representatives, residents were told that the city would not be liable for hosting fees and that setup work would be done at night, according to Melanie in Miami.
The economic impact of F1 in Melbourne, Australia is $42.7 million, and $65 million in Montreal. A report commissioned by F1 claims that it could generate $700m annually for Miami.