Miami considers 99‑year ground lease with HRM Owner LLC
City of MiamiCity · Miami, FL- Disclosed value
- Annual rent schedule: $1,000,000 (1st year), $1,250,000 (2nd year), $1,500,000 (3rd year), $1,750,000 (4th year), $2,000,000 (5th year) during construction rent period; thereafter greater of $2,500,000 minimum annual base rent or 2.5% of gross revenues; additional $25,000,000 payment for affordable housing
- From agenda
- Document date
- Jun 12, 2023
The 30-second brief
The City of Miami Commission discussed a proposed amended and restated 99‑year ground lease with HRM Owner LLC for the Hyatt Hotel and James L. Knight Convention Center riverfront property. The contemplated agreement includes a staged construction-period rent schedule, a minimum annual base rent or participation rent of 2.5% of gross revenues thereafter, and a $25 million payment to the City for affordable housing initiatives.
Hrm Owner LLC holds this facilities contract with City of Miami.
Term as filed: New ground lease term not to exceed ninety-nine (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
- Annual rent schedule: $1,000,000 (1st year), $1,250,000 (2nd year), $1,500,000 (3rd year), $1,750,000 (4th year), $2,000,000 (5th year) during construction rent period; thereafter greater of $2,500,000 minimum annual base rent or 2.5% of gross revenues; additional $25,000,000 payment for affordable housing
- Document date
- June 12, 2023
- Term
- New ground lease term not to exceed ninety-nine (99) years
- Vendor
- Hrm Owner LLC
- Agency
- City of Miami
- Source document
- City of Miami Agenda Marked Agenda 2023-06-12 (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 Annual rent schedule: $1,000,000 (1st year), $1,250,000 (2nd year), $1,500,000 (3rd year), $1,750,000 (4th year), $2,000,000 (5th year) during construction rent period; thereafter greater of $2,500,000 minimum annual base rent or 2.5% of gross revenues; additional $25,000,000 payment 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 Annual rent schedule: $1,000,000 (1st year), $1,250,000 (2nd year), $1,500,000 (3rd year), $1,750,000 (4th year), $2,000,000 (5th year) during construction rent period; thereafter greater of $2,500,000 minimum annual base rent or 2.5% of gross revenues; additional $25,000,000 payment 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 Agenda Marked Agenda 2023-06-12 (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.