The approved lease involves the redevelopment of Miami's public Melreese golf course into the Miami Freedom Park soccer stadium complex. The privately funded project, with a price tag of $1.3 billion, is spearheaded by billionaire Jorge Mas of MasTec and retired footballer David Beckham. The lease is set for a term of 99 years, with an annual rent of $4.3 million. The tenant, @InterMiamiCF, will occupy the Soccer Stadium located at 1802 NW 37th Avenue, Miami, Florida. The stadium seats 40,000 spectators across its 130-acre site.

Summary of transaction details

• Property Type: Soccer Stadium ⚽
• Transaction Amount: $1,300,000,000
• Date: 4/30/22
• Tenant: @InterMiamiCF
• Landlord: Miami
• Address: 1802 NW 37th Avenue, Miami, Florida
• Market: Miami, Florida
• Rent Per Year: $4,300,000
• Term: 99 Years
• Acres: 130
• Stadium Seats: 40,000

The lease agreement between Inter Miami CF and the City of Miami was approved after extensive debates and negotiations. The City Commissioners agreed to the terms put forth by David Beckham and Jorge Mas, which include an increase in the annual rent from the previously agreed amount, marking a $300,000 raise. Before the project can commence, zoning changes still need to be approved by the commissioners, with a vote expected before the end of the year.