Miami voters approved a referendum to let the City of Miami enter a management agreement with Global Spectrum L.P. (an Oak View Group subsidiary) and local partner Breakwater Hospitality Group to restore the Miami Marine Stadium. The measure passed with 22,505 votes (68.56%). The proposed deal would give the City 93% of gross event sales after a $33,333 monthly fee, 85% of sponsorship revenue, a 40-year term, and up to $10 million toward restoration. Next steps include negotiating a management contract for Flex Park and launching a community-led visioning study for the stadium's future.
Miami Voters Approve Private Partnership to Restore Historic Miami Marine Stadium
Miami voters pass Marine Stadium renovation partnership. What's next
Miami voters approved a referendum Tuesday that allows the City of Miami to enter a management partnership with a private operator to restore the historic Miami Marine Stadium.
The waterfront venue, built in 1963 and listed by the National Trust for Historic Preservation, once hosted powerboat races and open-air concerts by acts such as Queen, Jimmy Buffett and The Beach Boys. After sustaining heavy damage during Hurricane Andrew in 1992, the city declared the structure unsafe and it was largely abandoned.
Voters authorized the city to negotiate a management agreement with Global Spectrum L.P. — a subsidiary of Oak View Group — which will lead the renovation alongside local partner Breakwater Hospitality Group, according to a joint press release from Breakwater and Bring Back Marine Stadium. The referendum passed with 22,505 votes in favor, representing 68.56% of ballots cast, the Miami-Dade County Supervisor of Elections reported.
What the Agreement Would Include
The ballot language spells out key financial terms: the City would receive 93% of gross sales from all events after deducting a $33,333 monthly management fee, and 85% of sponsorship revenues. The proposed agreement would run for a 40-year term, and Global Spectrum has agreed to pay the City up to $10,000,000 toward the restoration of the Historic Miami Marine Stadium. The immediate next step is negotiating a management contract for the existing Flex Park at the stadium site.
Next Steps And Community Input
Oak View Group and its partners say they will work with the City of Miami, community members, and local creative and business leaders to conduct a comprehensive study and community visioning process to guide the stadium's restoration and future programming. Contract negotiations and the study phase will set timelines, design priorities and operational plans for the venue’s reopening.
Ballot Question: "Shall the City enter into a management agreement with Global Spectrum L.P. to activate and manage events at the Historic Miami Marine Stadium and Flex Park, 3501 Rickenbacker Causeway, Miami, FL, as follows: City receives 93% of gross sales of all events after deducting a $33,333 monthly management fee; City receives 85% of sponsorship revenues; 40 year term; Global Spectrum to pay the City up to $10,000,000 towards the restoration of Historic Marine Stadium?"
According to the National Trust for Historic Preservation, the 6,566-seat stadium on Virginia Key was designed by Cuban-born architect Hilario Candela. During its heyday the floating stage and waterfront setting drew thousands for powerboat races and concerts by performers such as Queen, The Beach Boys, Steppenwolf, Dave Brubeck and Ray Charles.
This report was prepared from a USA TODAY story by Sarah Perkel and related press releases.
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