Marina Park Project: The City of Miami Beach Takes Steps Forward On A Bold New Vision For The Miami Beach Marina

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Built more than 40 years ago to stimulate redevelopment in the South of Fifth neighborhood, the Miami Beach Marina has been a catalyst for one of the most successful urban renewal projects in the nation. Throughout its lifespan, the Marina has attracted billions of dollars in private investment to the neighborhood and given way to one of South Florida’s most beloved pedestrian-oriented mixed-use neighborhoods.

While the Marina has had an unquestionable positive impact on the South of Fifth neighborhood and the City’s growth as a hub for yachting and recreational boating, its future requires significant capital investment. The leisure boating industry has evolved significantly over the past four decades and vessels have gotten larger and sea level rise has become a growing challenge to all waterfront marinas, but the Miami Beach Marina’s physical condition, and infrastructure and technical capabilities have remained largely the same.

 

With 32 years left on the Marina’s existing lease and no requirement that the current operator needs to make significant investments in capital improvements, there is a need to encourage and incentivize private investment in this vital City asset and economic engine.

 

Earlier this year, the City of Miami Beach was presented with an opportunity to reinvigorate the aging Marina with a $35 million private investment that will modernize the facility and reimagine and improve the land-based portion of the site consistent with the high design standards of the vibrant neighborhood that has developed around it.

 

In addition to funding $35 million in marina upgrades, the Marina Park team has proposed a financial agreement that delivers significant long-term benefits to the City. These include a proposed financial package that would deliver $147 Million in additional revenue to the City in just the first 30 years. The proposal includes 1) over $40 million in enhanced Marina lease rent  2) the proposed sale by the City of the development rights to build 60 residential units on the site in exchange for a $55 million cash payment to the City and $15 million in City directed capital improvements to enhance the resiliency of, and upgrade the City infrastructure serving, the South of Fifth neighborhood, 3) an estimated $9 million in annual property taxes – with approximately $3 million of that going to the City of Miami Beach,  4) the creation of more than 2,300 jobs. In all, the proposed Marina Park project would deliver over $260 million in short term economic benefit to the City.

 

Beyond ensuring that the Miami Beach Marina’s future is as bright as its first 40 years in operation, the revenues derived from the Marina Park project would provide the City of Miami Beach with the funding it needs to continue investing in public parks, climate resiliency initiatives, and capital infrastructure projects.

 

For these reasons and more, the Marina Park proposal has earned the enthusiastic endorsement of the Miami Beach Chamber of Commerce.

 

In May, the Marina Park proposal was granted preliminary approval by both the City’s Commission’s Finance and Economic Resiliency and its Land Use and Sustainability Committee, meaning it can move forward through the City approval process on its way to a potential City-wide referendum this November.

 

If approved by the City Commission and voters, Marina Park will include a newly renovated world-class marina; two acres of newly-accessible public space, including a one acre at-grade park and enhanced Baywalk with views across Biscayne Bay; waterfront dining and neighborhood-oriented retail; and a boutique, 60-unit residential condominium designed by international architect Bjarke Ingels.

 

On June 23, Miami Beach resident and Miami Beach Chamber Pillar Member, David Martin, and his development partners will present to the City’s Planning Board. The plan is scheduled for Commission votes in June and July. If approved by the full City Commission, Miami Beach residents will have the final say in November whether to accept this offer to reinvest in the Miami Beach Marina and secure the future for this vital City asset and economic engine.

 


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1 COMMENT

  1. The building is ugly as hell. It Looks like a plunger. It kills the last remaining resident waterwide .hangout in MB. It will bring countless noise out the back. The ugly base is 4 stories taller then the Murano Grande pool area ,killing the neighboring property with 35 stories and a tall base. It is being sold for 50 million when we had an offer for 120 million 4 years ago and a new school built by the developer over the existing school building to expand to grade k-8. All we get is some sod over the existing parking lot with this. Worse it extends the marina lease to 99 years when it is worth 200 million additional dollars as it makes 20 million in revenue and pays the city only 1.7 million a year for rent share. Its the stupidest deal all arounf!

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