Portman Makes Final Convention Center Push

MIAMI—After a fierce media battle, Portman-CMC and South Beach ACE will present their final master plans for the Miami Beach Convention Center District on Thursday. Plans include concepts for the convention center, hotel, open spaces, retail, cultural and entertainment uses, including the landmark Jackie Gleason Theater.

Portman says its Miami Beach Convention Center District plans will “demonstrate unique benefits to residents, businesses and visitors.” A key design element of Portman-CMC's plan is to bring the concept of the town square to life and to make it uniquely Miami Beach.

“Our final plan brings a very different approach to convention center planning and creates a space that is wholly unique to Miami Beach,” says Ambrish Baisiwala, CEO of Portman Holdings. “For the last several months, we've worked closely with the city and listened intently to the community to finalize our proposal for a world-class convention center district. The plan we will present is a culmination of this collaborative process.”

The Portman-CMC team recently submitted its Letter of Intent (LOI) to the City of Miami Beach. The document that lays out the business and management terms of its proposed plan. Portman says the LOI reflects ongoing dialogue with city staff and officials, and outlines how each team proposes to work with the city to determine financing, management and land leases, and other business factors. The LOI is also significant because it will be the basis for the next phase of negotiation between the city and the selected developer to create the financial and business relationship.

“One of the key areas we focused on was making public financing for the project responsible and sustainable, minimizing cost and risk to the city's pocketbook,” says Baisiwala. “For example, no new taxes and less bonding in order to finance the convention center improvements and expansion, as well as associated parking and infrastructure improvements. Additionally, our plan fast-tracks construction and phasing, shaving at least a year off of what many would consider the duration of this project, in an attempt to generate a faster return on revenues for the city.”