Miami discusses 99-year Hyatt/JLK ground lease
City of MiamiCity · Miami, FL- Disclosed value
- One million dollars ($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 (construction rent); after construction, greater of minimum annual base rent of $2,500,000 or 2.5% of gross revenues; $25,000,000 payment for affordable housing
- From minutes
- Document date
- Jun 12, 2023
The 30-second brief
The City of Miami Commission discussed, but did not vote on, a proposed 99-year amended and restated ground lease with HRM Owner LLC covering the Hyatt Hotel and James L. Knight Center site. The draft agreement outlines a multi-year rent schedule transitioning to at least $2.5 million per year or 2.5% of gross revenues, and requires a $25 million affordable housing payment, all at no cost to the City for redevelopment.
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; construction rent period from commencement date to minimum rent commencement date.
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Contract details
- Contract type
- Facilities
- Amount
- One million dollars ($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 (construction rent); after construction, greater of minimum annual base rent of $2,500,000 or 2.5% of gross revenues; $25,000,000 payment for affordable housing
- Document date
- June 12, 2023
- Term
- New ground lease term not to exceed ninety-nine (99) years; construction rent period from commencement date to minimum rent commencement date
- Vendor
- Hrm Owner LLC
- Agency
- City of Miami
- Source document
- City of Miami Meeting Minutes 2023-06-12 (Minutes)
Hrm Owner LLC's other public contracts
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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 June 12, 2023. The contract value is One million dollars ($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 (construction rent); after construction, greater of minimum annual base rent of $2,500,000 or 2.5% of gross revenues; $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 One million dollars ($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 (construction rent); after construction, greater of minimum annual base rent of $2,500,000 or 2.5% of gross revenues; $25,000,000 payment for affordable housing, covering facilities work.
What type of contract is this?
This is a Facilities contract, documented as a minutes record.
Where was this contract approved?
This contract appears in City of Miami Meeting Minutes 2023-06-12 (Minutes), dated June 12, 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.