Cargo Business Newswire

Thursday, April 10, 2014

PortMiami wants $225M for underwater traffic tunnel, complicates soccer stadium proposal

Miami-Dade County commissioners are considering borrowing hundreds of millions of dollars for PortMiami and clearing out an environmental facility located on property that David Beckham wants for a new soccer stadium and entertainment complex.

Port executives view the land as a potential booming commercial district in Miami, and want the real estate revenue to offset the ports increasing debt. They have pushed back against the stadium plan because it threatens their revenue forecasts from a hotel and office complex that could that take up as much as 7 million square feet of space.

The port wants to borrow an additional $225 million for a new underwater traffic tunnel and other improvements, and the new loan package for the next commission meeting may mean the port’s long-term obligations will total more than $1 billion.

Beckham’s stadium dealmakers say the port’s development plan as too ambitious, and are trying to position the soccer stadium as key to stimulating development on the southwest corner.

A major cruise line, Royal Caribbean, is against the stadium because it wants to expand onto the land.

For more of the Miami Herald story: www.miamiherald.com