Royal Caribbean Group has struck a deal for a new Terminal G at PortMiami.
The construction is part of a development and lease agreement approved Tuesday by the Miami-Dade County Board of County Commissioners that is expected to bring in $2.8 billion in economic development to the county over the next 50 years and create 12,000 cruise-related jobs.
According to county documents, the county will foot the construction costs up front. The agreement provides for the construction of a new Terminal G for exclusive use by Royal Caribbean Group's cruise lines, including Royal Caribbean International and Celebrity Cruises. Royal Caribbean will hold the lease at Terminal G for 36 years with three seven-year extensions.
The county will spend up to $325 million on capital improvements for both Terminal G and portions of Berth 10, a shared terminal with MSC Cruises due to be completed in October 2028. Royal Caribbean Group will reimburse the county for 47% of the project costs with interest and issuance costs.
Royal Caribbean has agreed to more than double its annual passenger movements with the completion of Terminal G. It plans to maintain no less than 600,000 annual passenger movements during the construction of Terminal G and provide 1.5 million yearly passenger movements once completed in 2027.
Royal Caribbean Group has also agreed to use shore power when its ships are docked at Terminal G and reimburse the county for electrical charges.
The deal also includes resuming redevelopment of Royal Caribbean Group's headquarters, which was halted during the pandemic. Royal Caribbean Group will be responsible for the repayment of 125% of capital construction costs for that project over the first 30 years of the term. The county is willing to spend up to $450 million on that project. The agreement also extends the lease there for another 50 years.
Royal Caribbean's headquarters currently employs about 2,000 people, with room for another 1,000 employees after the completion of the campus expansion. Average yearly salaries will exceed $100,000, according to government documents.