Inter Miami Receives Approval for Miami Freedom Park
David Beckham has finally won after a 9 year-long battle, for a land lease for a Major League Soccer stadium in Miami. On Thursday, Miami Commissioners voted a 4 to 1 lease for 73 acres of city-owned property that will house a massive development to host the Inter Miami soccer games. Beckham and partners (Jorge and Jose Mas) were awarded a 99-year lease to develop the new name, Miami Freedom Park.
The plan for the ‘park’ would convert the Melreese golf course into a soccer league stadium that could host 40,000 attendees, retail shops, parking with rooftop fields, a hotel, and a 58-acre park. The plans also include sharing the stadium with the University of Miami Hurricanes football team.
With the vote approval came some changes, which include the annual rent increase from $3.57 million to $4.3 million, with a 6% gross revenue if that figure is treated than rent. The construction fee was raised from $500,000 to $650,000 18 months after the lease was signed, with another $100,000 rise per year for four years and a $1 million penalty in the fifth year if the stadium was not completed.
The vote for this development has been delayed 4 times and there still needs additional approval for zoning changes before they receive the green light for the project, which will take place in quarter 4 of 2022.
Also in attendance was Miami Mayor, Francis Suarez, who seemed to thank the Miami commission after the deal. He strongly supported the project from day 1, “I have never been prouder to be a Miamian than I am today. No matter how difficult, how long, how frustrating, good days and bad days, I always knew that this would happen.”
