A Miami-based developer has acquired the 5-acre site where the
Miami Arena once stood and will build a Marriott Marquis hotel and convention
center.
The Marriott Marquis Miami Worldcenter Hotel & Expo
Center may break ground by the end of the year. Plans call for 1,100 hotel rooms
and the convention center in the first phase and 600 more rooms in the second
phase.
The $750 million project may be contingent on extending the
life of the Southeast Overtown/Park West Community Redevelopment Agency to 2042
from its current expiration date of 2030, reported the Miami Herald. Such
redevelopment agencies give tax breaks to developers who build within the
agency’s boundaries.
The Miami Arena was built in 1988 and torn down in 2008. MDM
Group acquired the plot for $45 million. Other properties bought or developed
by MDM include the Miami Marriott Dadeland, JW Marriott Hotel Miami and Courtyard
by Marriott Dadeland.