Billionaires Stephen Ross, Jeffrey Soffer seek $240 million contract from county for airport hotel
The hotel would have 451 rooms and would be located near the city's convention center.
Miami-Dade could award a $240 million contract to Fontainebleau Development led by billionaire Jeffrey Soffer and Related Cos. led by Miami Dolphins billionaire Stephen Ross to build a new hotel at Miami International Airport.
FDR Miami Hotel LLC developed the project. The joint venture is between Fontainebleau, located in Aventura, and Ross' Related based out of New York. The winners were chosen following a competitive process of requests for proposals.
The resolution could be presented to the Miami-Dade Airport and Economic Development Committee on May 10, or the entire County Commission as early as June 6. The board will establish a revenue-generating agreement for the design and construction of a 451-room, "four-star", hotel for Miami-Dade Aviation Department.
The developers want a 50-year rental on 1,82 acres, and to rent parking spaces for valet services in a garage. The county is estimated to collect $240 million over the course of 50 years. This revenue is based upon the developer paying $2.50 per sq. ft. of the site subject to appraisals each year, plus $2.5 million, or 3.5%, of the gross revenue of the hotel.
Federal Aviation Administration (FAA), the Federal Aviation Administration, would have to approve.
The hotel will have a restaurant/bar and another rooftop restaurant. It also has a meeting/event area, a spa, fitness center, and a pool.
The hotel would be connected to Concourse D by a pedestrian bridge.
Greg Chin, the Communications Director for Miami-Dade Aviation Department, said that a formal agreement had not yet been presented to the board. Chin stated that the hotel is part of a long-term capital improvements program at the airport. He refused to reveal the budget of the developer for the project. The agreement does state that the developer must adhere to the Small Business Enterprise Program of the county, which requires 15% participation by small businesses. The county's living wage ordinance would apply to all employees of the hotel.
The team of developers includes Miami's Arquitectonica, and Fort Lauderdale's Moss & Associates.
Fontainebleau Development and Soffer own the Fontainebleau Miami Beach Resort, as well as other hotels. Related Cos. developed hotels in New York, Florida and the Palm Beach County Convention Center. Related Cos. recently increased its development efforts in Miami as it plans the largest office building on Brickell Avenue in South Florida.