Unsolicited Proposal Calls For Restoration Of Olympia Theater & Conversion To Hotel Use

Downtown Miami’s Olympia Theater would be renovated with a building above converted to hotel use, under an unsolicited proposal submitted to the city of Miami.

The theater operates at a loss and is in need of substantial capital investments to repair, among
other things, the historic facade.

New Urban International, LLC proposes to convert the 10-story office building into hotel rooms. It is currently used for 80 housing units.

Half of net revenue would be given to charities, the proposal states.

The theater opened in 1926 and received historical designation by the National Register of Historic Places in 1984.

In 2017, Related Group submitted a proposal to redevelop the building with 300 residential units, but withdrew it after facing opposition.

 

 

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Anonymous

If its done with right and preserved im all for it.

Anonymous

Will be a nice hotel to stay at during Ultra. It’s coming back to Bayfront!

Anonymous

Yes!!

Anonymous

Don’t get your hopes up too high yet.

Anonymous

I like the idea of contributing over 50% to “food and housing insecurities, special needs, and education initiatives” here in Miami. If only more people/businesses would do the same the world just might be a better place.

¯\_(ツ)_/¯

So much history in that building I hope this gets done.

Anonymous

This looks like a project that’s been long awaited for. Not only will it restore the Olympia back to it’s glory days but over 50% of operating profits will be dispersed to local non profit organizations. Let’s make this happen!

Reality

The theater would NOT be renovated. The only renovation is to the tower – which would be converted to lodging use. The developer would help fund the repairs needed for the historic facade.

This proposal is nothing like Related’s.

Anonymous

The first page of the project summary states that plans include a full restoration of the theater.

Anonymous

I worked on the theater restoration about 12 years ago. Installed all new seating, poured new floors, upgraded the lighting..Peter Blitstein was the architect for the restoration project and trigram was the GC.

Preston33154

The full disclosure report does denote a $15M tag with vague references towards the theatre renovation, with $3M already secured. For any cost viability for operations of the Olympia is a major re-design of electrical. Firstly the HVAC, which, back in 2016, had a turn-on cost of $5K daily minimum. Not to mention any other basic engineering costs. The sourcing of the $15M is not mentioned in any of their financials. The City received a $500K match from The State for façade works Nov’18. Also, the City is currently pursuing MD Colleges to take over operations of the theatre venue in hopes to return it to weekly operations and financial returns, according to Miami Today News. The Olympia has a far way to go to bring it into the 21st Century and compete with cheaper venues to operate. The technical backbone is very 1980’s, even with the partial upgrades in 1994 & 2009. Lighting & audio utilize a majority of outdated gear without repair parts currently available. And the lighting utilizes fixtures that lamps that ceased world-wide production 01-01-2019. The NUI proposal doesn’t address the Olympia Theatre renovation specifics, even at a high-level. Just a vague price tag. This is… Read more »

Anonymous

It sounds like the logical thing to do, but of course, nothing logical happens in this town.

Anonymous

Oh they are going to give half to charity, seems nice, yet their financials propose a 20% return in year one, so thats a 10% return to the developer that is a VERY lucrative deal for a developer. Not so charitable. VOTE NO on this one!

Anonymous

The year 2023 has 365 days, not 366, the Available rooms, occupied rooms and revenues needs to be revised.
80 Parking Spaces rented to the city for $960 per year is lower than the revenue the parking spaces make in one day in Miami.
The city can make more money with those parking spots without the need of another hotel and use that revenue to fix the theater.
3 out of the 5 comp set hotels are going to be demolished or complete renovated in the next 2 years.

Anonymous

This is just what our city needs! Love the idea of combining housing with a charitable purpose…giving back to the community while providing affordable housing. A definite win-win!

Anonymous

Isn’t there a housing shortage for locals?