Miami Gardens Approves Lease for 127-Room Hotel Near Hard Rock Stadium

The City Council of Miami Gardens, Florida, unanimously approved a lease of city-owned vacant land at 18600 Northwest 25th Avenue to P3 Markets and Beckham Hospitality. The site is part of a roughly 3.5-acre parcel near Hard Rock Stadium.

The plan calls for a 127-room hotel, referred to as the Beckham Hotel Miami Gardens, along with a parking garage. No hotel brand has been announced. The hotel and garage would sit next to a performing arts center the city plans to build on the same site, which includes a 1,200-seat theater. City documents describe a larger project that also includes a second hotel.

The developer, Phillip L. Beckham III, is a Chicago-based developer. Under the 50-year lease, the developer will pay the city about $18.6 million in rent. The site sits about two miles from Hard Rock Stadium, a venue that hosts the Miami Dolphins, University of Miami Hurricanes, the Orange Bowl, a Formula 1 race and the Miami Open tennis tournament. The adjacent property is owned by billionaire Stephen Ross.

For developers and lenders, the deal shows a public ground lease structure paired with a civic cultural component. Those evaluating similar municipal sites should review lease terms, parking obligations and the sequencing of hotel and performing arts construction.