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Developers for the New Miami Soccer Stadium Obtain $31 Million Construction Loan

September 28, 2022 by Jacki Taylor

Miami Freedom Park Village




Recently, an LLC associated with the Inter Miami CF major league soccer team got a $31 million mortgage from Miami-based City National Bank of Florida in order to begin construction on Inter Miami Soccer Stadium.





The mortgagee is identified as 0101 Miami Properties, LLC, in the care of M Sports LLC. The mortgage identifies nine acres of land that 0101 Miami Properties LLC spent $27.97 million constructing at 678 NW 7th St. in Miami's Overtown neighborhood between 2016 and 2019.





Miami Beckham United LLC, Pablo Alvarez, vice president and general counsel of Inter Miami CF, Jorge and José Mas, the brother executives of Coral Gables-based MasTec (NYSE: MTZ), and Inter Miami CF's primary shareholders, are among the management of 0101 Miami Properties.





At the time, the David Beckham-fronted team's ownership was intent on building a soccer stadium at that site or keeping it as an alternative option if a deal to construct a soccer stadium at the City of Miami's Melreese Country Club at 1400 N.W. 37th Ave. fell through.





This past April, the Miami City Commission approved a 99-year lease agreement with Inter Miami CF. On September 13, the Miami City Commission authorized zoning that would allow for the development of a 25,000-seat soccer stadium, a 750-room hotel, a 58-acre park, and a 1 million square foot commercial complex with retail, offices, and entertainment on 130 acres of land at Melreese Country Club.





Jose Mas stated he would want to see the land developed as workforce housing or something else that benefits the community.





In addition, according to media reports, Miami commissioners have explored utilizing stadium rent payments to create a trust fund for affordable housing.


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