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Miami And Beckham Nowhere Near Agreeing On Land Fees

 
Miami And Beckham Nowhere Near Agreeing On Land Fees
Posted June 3rd, 2014 @ 11:59am

Miami and David Beckham's Major League Soccer venture are nowhere near making an agreement over nine acres of prime waterfront land for a stadium.

Miami City Manager Daniel Alfonso says there has actually been no real negotiation, but, in recent meetings, Beckham's people have suggested land fees should be about $500,000 per year.

"We are far apart," Alfonso said, "because we and the city administration believe that the nine acres of land that they would need are unique and very valuable to to the city."

Alfonso explained that the city will come up with a number to counteroffer once an appraisal on the property is done.

But, he mentioned that nearby property sales have gone as high as $30 million per acre, meaning the return to the city would have to be significantly higher than that $500,000 offer.

A counteroffer to that amount is expected to be as high as $14 million.

Alfonso said Miami Beckham United's reason for that amount is that the city would never actually sell that park-zoned land to the highest bidder, anyway, since the property does not allow commercial or residential construction.

How to appraise the property because of it's a designated park is a major issue for the city:  park land is usually undevelopable and not typically high priced.

 

 

 

(Photo: Major League Soccer)

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