Inter Miami CF Lease Approved For Soccer Stadium At 1802 NW 37th Avenue In Miami | 1802 Northwest 37th Avenue | Other | Sale

Summary

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FLORIDA

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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.

Details

Deal Summary

SOLD

IMAGE: - APPROVED! IMAGE: David Beckham DATE: 4/30/22 ADDRESS: 1802 NW 37th Avenue MARKET: Miami, Florida TYPE: Soccer Stadium ⚽ RENT PER YEAR: $4,300,000 TERM: 99 Years LEASE AMOUNT: $1,300,000,000 TENANT: @InterMiamiCF LANDLORD: Miami ACRES: 130 STADIUM SEATS: 40,000 NOTE: The privately funded, $1.3 billion project will rise on Miami's public Melreese golf course. After years of anticipation and a final seven-hour stretch of debate and negotiations, Miami City Commissioners on Thursday approved the terms of a deal that will see the city’s largest greenspace redeveloped into the Miami Freedom Park soccer stadium complex. The no-bid agreement with billionaire Jorge Mas of MasTec and retired footballer David Beckham — the owners of Miami’s Major League Soccer team, Inter Miami CF — includes a 99-year lease starting at $4.3 million in annual rent. That’s a $300,000 increase to the rate agreed upon four years ago. Inter Miami’s owners still need commissioners to approve zoning changes before the project can move forward. A zoning vote is expected to take place before the end of the year.

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Address1802 Northwest 37th Avenue

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