99-Year Ground Lease Negotiation with HRM OWNER LLC
City of MiamiCity · Miami, FL- Disclosed value
- $1,000,000 for the 1st year, $1,250,000 for the 2nd year, $1,500,000 for the 3rd year, $1,750,000 for the 4th year, $2,000,000 for the 5th year, then $2,500,000 minimum annually or 2.5% of gross revenues, plus $25,000,000 affordable housing payment
- From agenda
- Document date
- Jun 12, 2023
- Term
- Not to exceed 99 years
The 30-second brief
The City Commission is considering authorizing an amended and restated 99-year ground lease with HRM OWNER LLC for the Hyatt Hotel and Knight Convention Center property. The negotiated terms include an escalating annual rent schedule, a $25 million payment for affordable housing, and major redevelopment commitments. The action waives competitive bidding and is subject to final drafting.
Hrm Owner LLC holds this facilities contract with City of Miami.
Term as filed: Not to exceed 99 years.
See who signed off on this contract.
See who signed offFree account · 30-second setup · No credit card
Contract details
- Contract type
- Facilities
- Amount
- $1,000,000 for the 1st year, $1,250,000 for the 2nd year, $1,500,000 for the 3rd year, $1,750,000 for the 4th year, $2,000,000 for the 5th year, then $2,500,000 minimum annually or 2.5% of gross revenues, plus $25,000,000 affordable housing payment
- Document date
- June 12, 2023
- Term
- Not to exceed 99 years
- Vendor
- Hrm Owner LLC
- Agency
- City of Miami
- Source document
- City of Miami City Commission Meeting Agenda June 12 2023 (Agenda)
Hrm Owner LLC's other public contracts
More City of Miami contracts
Questions about this contract
Who was awarded the facilities contract by City of Miami?
Hrm Owner LLC was awarded this facilities contract by City of Miami, as recorded on June 12, 2023. The contract value is $1,000,000 for the 1st year, $1,250,000 for the 2nd year, $1,500,000 for the 3rd year, $1,750,000 for the 4th year, $2,000,000 for the 5th year, then $2,500,000 minimum annually or 2.5% of gross revenues, plus $25,000,000 affordable housing payment.
How much is the Hrm Owner LLC contract with City of Miami worth?
The Hrm Owner LLC contract with City of Miami is valued at $1,000,000 for the 1st year, $1,250,000 for the 2nd year, $1,500,000 for the 3rd year, $1,750,000 for the 4th year, $2,000,000 for the 5th year, then $2,500,000 minimum annually or 2.5% of gross revenues, plus $25,000,000 affordable housing payment, covering facilities work.
What type of contract is this?
This is a Facilities contract, documented as a agenda record.
Where was this contract approved?
This contract appears in City of Miami City Commission Meeting Agenda June 12 2023 (Agenda), dated June 12, 2023 from City of Miami. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
Show 2 more questions
What other contracts does Hrm Owner LLC hold?
Hrm Owner LLC may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
What is City of Miami currently buying?
Explore City of Miami's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.