Long-term Ground Lease Approved for HRM Owner LLC
City of MiamiCity · Miami, FL- Disclosed value
- $1,000,000/year (Year 1), $1,250,000 (Year 2), $1,500,000 (Year 3), $1,750,000 (Year 4), $2,000,000 (Year 5), min $2,500,000/year or 2.5% gross revenues benefit after year 5; $25,000,000 lump sum for affordable housing.
- From agenda
- Document date
- Jul 13, 2023
- Term
- Up to 99 years
The 30-second brief
Miami City Commission approved a 99-year amended ground lease with HRM Owner LLC for redevelopment of the Hyatt Hotel and Convention Center, including escalating annual rent and a $25 million payment for affordable housing.
Hrm Owner LLC holds this facilities contract with City of Miami.
Term as filed: Up to 99 years.
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Contract details
- Contract type
- Facilities
- Amount
- $1,000,000/year (Year 1), $1,250,000 (Year 2), $1,500,000 (Year 3), $1,750,000 (Year 4), $2,000,000 (Year 5), min $2,500,000/year or 2.5% gross revenues benefit after year 5; $25,000,000 lump sum for affordable housing.
- Document date
- July 13, 2023
- Term
- Up to 99 years
- Vendor
- Hrm Owner LLC
- Agency
- City of Miami
- Source document
- City of Miami City Commission Meeting Agenda July 2023 (Agenda)
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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 July 13, 2023. The contract value is $1,000,000/year (Year 1), $1,250,000 (Year 2), $1,500,000 (Year 3), $1,750,000 (Year 4), $2,000,000 (Year 5), min $2,500,000/year or 2.5% gross revenues benefit after year 5; $25,000,000 lump sum for affordable housing..
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/year (Year 1), $1,250,000 (Year 2), $1,500,000 (Year 3), $1,750,000 (Year 4), $2,000,000 (Year 5), min $2,500,000/year or 2.5% gross revenues benefit after year 5; $25,000,000 lump sum for affordable housing., 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 July 2023 (Agenda), dated July 13, 2023 from City of Miami. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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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.