Miami Condo Market and Lifestyle Updates
Tax Funding Issues Might Cut the Marriott Convention Center in Half

Tax Funding Issues Might Cut the Marriott Convention Center in Half

by Sep Niakan | April 22, 2015

As MDM Development Group looks to the future, they may struggle with funding and have to downsize their plans for a Marriott convention hotel in Miami without tax grants.

MDM needs $115 million in tax rebates all the way through 2042. Without this funding, MDM could redevelop the Marriott into a 1,000 room hotel with 200,000 square-feet of convention space. These numbers are downsized from their original approval of 1,800 rooms and 400,000 square-feet of convention space.

The tax rebate would be on top of an $88 million grant that was already approved for the Miami Worldcenter. MDM is purchasing the property from the Miami Worldcenter to build the Marriott Marquis World Convention Center.

If the CRA of Overtown decides to approve the tax rebates, they would provide part of them through 2030, when the CRA expires. On the opposite end of the deal, Miami officials need to approve a higher tax payment to the CRA until 2030, then add the 2030 to 2042 tax rebates to the deal later on.

Any city funding that the developer might have received will most likely be vetoed by Tomas Regalado, the Mayor of Miami.

 

Source: thenextmiami.com

Photo credit: Marriott - thenextmiami.com

Recent posts

Real Estate News

Could Cite in Edgewater Have New Hotel Neighbor?

by Sep Niakan | January 12, 2017

According to thenextmiami, a petition involving a 15 by 75 feet alley has sparked speculations that a brand new hotel could be coming to Edgewater. Why? Simply because this alley comes attached to a 7,875 sq. ft. plot located at 348 Northeast 20...

Real Estate News

Brickell Avenue Bridge Schedule, Traffic and Solutions -- All You Need To Know

by Sep Niakan | January 09, 2017

Ever tried driving from Brickell to Downtown Miami for lunch? Most Miamians dread the thought of catching the dreaded drawbridge, which opens every hour or half-hour during non-curfew hours to allow river traffic to pass under. So what’s...

Real Estate News

9 Positive Signs for the Miami Real Estate Market in 2017

by Sep Niakan | January 08, 2017

Last year’s headlines weren’t too kind to Miami with hurricanes, Zika warnings and falling sales painting a dark picture. However, with the elections finally done with, there are plenty of reasons to be optimistic about 2017: 1. ...

Real Estate News

Projects That Will Change the Way We Look at Wynwood, Forever!

by Sep Niakan | December 28, 2016

We all know Wynwood as the friendly, hipster neighborhood splashed with the best street art in the world. It’s where we all go for our art fix, browse far-out finds and linger around for a couple of craft beers. But, how about shopping,...