The Heat have "cut a deal" with Miami-Dade County
officials to build a Margaritaville restaurant, music store
and other shops on four acres of publicly-owned land located
between American Airlines Arena and Biscayne Bay, according
to Don Finefrock of the MIAMI HERALD. The plan differs from
the original arena plans "sold to the public" in November
'96, which featured more park space along the stretch of
waterfront. In the new deal, the Heat can build up to
70,000 square-feet of retail space on the property. In
exchange, the Heat must pay the county $5 a square foot in
annual rent, or 25% of its net revenue. Miami-Dade Mayor
Alex Penelas, who "conceded" the plans have changed since
the '96 referendum: "We had to make a policy decision about
how the public would have the greatest access to this green
space." Heat President/Business Operations Jay Cross: "At
the end of the day, you are taking an underutilized area of
town and turning it into a destination. Our goals and the
community's goals are in line on this." Cross said that the
team plans to build additional retail space on the southeast
corner of the property, with 1 1/2 acres of playing fields
built on top of an underground parking garage. The whole
development will cost the team $35-40M. The Miami-Dade
Commission still must approve the deal (MIAMI HERALD, 3/21).
FINAL TALLY: Finefrock added that team's arena has now
"cost taxpayers" $296M, which includes "the county's share
of operating costs," as well as "the cost of the land and
street improvements around the area" (MIAMI HERALD, 3/21).
