Rent would rise yearly and total about $20 million over the 50 years. The county projects $240 million total income to its coffers from FDR, starting at $197,832 rent the first year at $2.50 per foot.
Ross’s Related Companies working jointly) would design, build, finance, operate and maintain the hotel. In the approved 1.82-acre, 50-year lease, FDR (developers Fontainebleau Development run by Mr. Parmco was the runner-up in the effort to get the contract that FDR won.ĭissenting commissioners conceded the probable eventual need for a second, more affordable hotel at the airport, but were reluctant to approve the second project at the time.
The contract was awarded to FDR Miami Hotel LLC, which was “the highest ranked in the competitive process, offering the best technical and financial solutions,” the resolution said.Ĭhairman Gilbert’s second sponsored resolution, to begin negotiations with Parmco Airport Hospitality LCC to build a second new hotel at the airport, failed on a 7-to-6 vote. The county’s income from the hotel is projected at $240 million over the term of the lease. That was three years ago.Ĭommissioners this week voted 13-0 to award a contract to development giants Stephen Ross, owner of the Miami Dolphins, and Jeffrey Soffer to jointly get a 50-year lease to build and run a four-star hotel. The quest for a new, upscale hotel at the airport was supposed to be “expedited,” on the fast track, when it was first proposed. He got half of what he asked for at Tuesday’s meeting. Gilbert III was pushing for two new hotels at Miami International Airport. Miami-Dade County Commission Chairman Oliver G.
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