BRADENTON, Fla. — Miami Beach Commissioners selected Tishman South Beach ACE as the master developer for a $1 billion renovation of the city's aged convention center and creation of a mixed-use entertainment district.
The board voted on the long-planned project after discussion and debate that ran late into the evening July 17.
It is estimated that the public-private partnership will receive $600 million in public funding. A portion of the cost will be financed with bonds.
The funding will come from a 1-cent increase in the local tourist tax, a special taxing district, rents, and developers' contribution.
The project in the 52-acre Miami Beach Convention Center District will add 960,000 square feet to the existing convention center and redevelop city-owned surrounding areas to include a new convention center hotel, outdoor public spaces, parking, restaurants, an entertainment district, as well as retail, and possibly some residential areas.
City officials now begin negotiating a term sheet with the master developer, which is led by Tishman Hotel and Realty. Tishman's related companies have developed the One World Trade Center, among others.
Along with Tishman, the South Beach ACE team includes UIA Management LLC, OMA, Michael Van Valkenburgh Associates PC, and Goldman, Sachs & Co.