- Posted May 19, 2014 by
Miami Considers Profitability of Soccer Stadium Over Retail and Tourism Development
Port of Miami is in a hard situation right now. The city has to decide which of two development ventures will be better for revenue, Miami real estate investments, and property values. On the one hand, they have David Beckham promising to bring his soccer team to Miami if the city will supply a waterfront stadium on 9 acres of land. On the other, that land was supposed to be promised to a proposed center for trade and tourism, which would have about 7 million square feet of potentially revenue-generating space.
The Argument for the Stadium
If David Beckham can bring a winning team to Miami, crowds could very well flock to the stadium for games. The area around the stadium could blossom with restaurants, bars, and retail shopping centers. Even condo towers could flourish and profit from increased property values, as people want to be close to the action.
The Argument for the Trade and Tourism Center
Supporters of the trade and tourism center would have the city remember that this is some of the most lucrative land in all of Florida. It’s an ideal setting for attracting all kinds of commercial businesses. They argue that giving up 25 percent of this land to a stadium would hurt revenue, rather than help it.
Port of Miami has the biggest debts and is in the most financial trouble of any port on the east coast of the United States. The decision here could make that debt go away, or it could send Port Miami spiraling further into financial ruin. Which would you choose? Which will the city choose? Will it be the right decision? Read more about each side of the debate at the Sunny Isles Miami Real Estate Blog