To billionaire developers Steve Ross and Jeffrey Soffer in miami international airport That was delayed this week as both ramp up development activity in South Florida.
Miami-Dade Commissioners, who serve on the county’s airport and economic development committees, voted unanimously in favor of the extension Wednesday. The commission will vote to award a contract to the developer’s FDR Miami Hotels LLC to lease the long-planned hotel, which will sit on 1.8 acres, for 50 years. The project is expected to generate $240 million in revenue for Miami-Dade, according to the county.
If approved, the countywide commission will vote on the proposal.
FDR, a joint venture between New York-based Related Companies and Soffer’s Fontainebleau Development, is proposing a hotel with approximately 450 rooms, a full-service restaurant and bar, a rooftop restaurant, pool, business space, fitness center and spa . The hotel will be connected to the airport’s Concourse D by an air-conditioned pedestrian bridge.
The joint venture was selected as the highest bidder as part of a two-stage request for proposals. If the project goes ahead, the developer will pay whichever is higher: $2.5 million or 3.5 percent of the hotel’s annual gross revenue once it opens, and less during construction. The County expects to generate at least $220 million in revenue over the lease term.
RossHe, who owns a beachfront estate in Palm Beach, has been doubling down on South Florida over the past few years.His related company in New York has become largest commercial landowner In the heart of West Palm Beach. In Miami, the firm is working with Swire Properties to build Florida’s planned tallest office building. The latter has recently started construction. Rose also owns the Miami Dolphins and Hard Rock Stadium.
Last year, Ross tried to secure a zoning change for the oceanfront Deauville Beach Resort property in Miami Beach, where he wants to develop a luxury two-tower Equinox-branded condo and hotel development.voter reject the referendum November.
Since leaving the family business Turnberry Associates, Soffer has added major projects to Fontainebleau Development’s portfolio.The company completes and sold out higlasluxury apartments on Jupiter Island, and There are plans to build a second condominium project nearbyIt also owns the Big Easy Casino in Hallandale Beach, in addition to the Fontainebleau Resort in Miami Beach and the JW Marriott Miami Turnberry Resort & Spa in Aventura.
