HomeMy WebLinkAboutMaster ReportCity of Miami
Master Report
Enactment Number: R-23-0307
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 14184
Revision: A
File Name: Lease Agreement - HRM Owner, LLC
Requesting Dept: Department of Real Estate and Asset
Management
File Type: Resolution Status: ADOPTED WITH
MODIFICATION(S)
Controlling Body: City Commission
Introduced: 6/20/2023
Final Action Date: 7/13/2023
Title: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), BY A
FOUR -FIFTHS (4/STHS) AFFIRMATIVE VOTE, PURSUANT TO SECTION 29-B OF
THE CHARTER OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, WAIVING
COMPETITIVE BIDDING AND AUTHORIZING THE CITY MANAGER TO NEGOTIATE
AND EXECUTE AN AMENDED AND RESTATED GROUND LEASE WITH HRM
OWNER LLC, THE EXISTING TENANT ("TENANT"), TO PROVIDE FOR A NEW TERM
NOT TO EXCEED NINETY-NINE (99) YEARS, TO INCLUDE THE EXISTING HYATT
HOTEL AND ALSO THE JAMES L. KNIGHT CONVENTION CENTER PROPERTY
LOCATED AT 298, 300, 330, & 400 SOUTHEAST 2ND AVENUE (COLLECTIVELY,
"PROPERTY"), PROVIDING FOR THE REDEVELOPMENT OF THE PROPERTY TO
INCLUDE AT LEAST A 615 KEY HOTEL, 188,000 SQUARE FEET OF
CONVENTION/MEETING SPACE, 682 APARTMENTS, PARKING, ADDITIONAL
PUBLIC OPEN SPACE, AND AN EXPANDED PUBLIC RIVERWALK, ALL AT NO COST
TO THE CITY, FOR NO LESS THAN FAIR MARKET VALUE RENT WITH ADDITIONAL
TERMS AND CONDITIONS FURTHER DEFINED IN THE GROUND LEASE,
ATTACHED AND INCORPORATED AS "EXHIBIT A," PROVIDING FOR AN ANNUAL
RENT SCHEDULE, IN AN AMOUNT OF ONE MILLION DOLLARS ($1,000,000) FOR
THE 1ST YEAR, ONE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS
($1,250,000) FOR THE 2ND YEAR, ONE MILLION FIVE HUNDRED THOUSAND
DOLLARS ($1,500,000) FOR THE 3RD YEAR, ONE MILLION SEVEN HUNDRED FIFTY
THOUSAND DOLLARS ($1,750,000) FOR THE 4TH YEAR, TWO MILLION DOLLARS
($2,000,000), FOR THE 5TH YEAR, ALL CONSTRUCTION RENT (CONSTRUCTION
RENT") FOR THE PERIOD BEGINNING ON THE COMMENCEMENT DATE AND
ENDING ON THE MINIMUM RENT COMMENCEMENT DATE ("CONSTRUCTION
RENT PERIOD"), AFTER THE CONSTRUCTION RENT PERIOD, PAYMENT TO THE
CITY AN AMOUNT EQUAL TO THE GREATER OF MINIMUM ANNUAL BASE RENT
OF TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($2,500,000.00) OR
PARTICIPATION RENT EQUAL TO 2.5% OF GROSS REVENUES ("MINIMUM RENT")
AS OF THE MINIMUM RENT COMMENCEMENT DATE, SUBJECT TO ANNUAL
INCREASES AND ADJUSTMENTS THEREAFTER AS OUTLINED IN THE TERM
SHEET; FURTHER PROVIDING THAT TENANT SHALL MAKE A TWENTY FIVE
MILLION DOLLAR ($25,000,000.00) PAYMENT TO THE CITY FOR AFFORDABLE
HOUSING; ALL AGREEMENTS WITH RESTRICTIONS, REVERSIONS, AND
RETENTION BY THE CITY OF ALL OTHER EXISTING CITY RIGHTS;, AND WITH
SUCH OTHER TERMS MORE PARTICULARLY SET FORTH IN THE GROUND LEASE,
ALL IN FORMS ACCEPTABLE TO THE CITY ATTORNEY.
Sponsor(s): City Commission
Notes:
Links:
City of Miami Page 1 of 2 Printed on: 7/8/2025
City of Miami
Master Report
Enactment Number: R-23-0307
Attachments: 14184 Exhibit A SUB (PDF)
14184 Notice to the Public (PDF)
History of Legislative File:
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Revision: Acting Body: Date: Action: Result:
Andrew Frey 6/20/2023 Department Head Review Completed
Pedro Lacret 6/21/2023 Budget Analyst Review Completed
Marie Gouin 6/21/2023 Budget Review Completed
Larry M. Spring 6/21/2023 Assistant City Manager Completed
Arthur Noriega V 6/22/2023 City Manager Review Completed
Legislative Division 6/23/2023 Legislative Division Review Completed
lsiaa Jones 6/30/2023 ACA Review Completed
Victoria Mendez 7/3/2023 Approved Form and Completed
Correctness
City Commission 7/13/2023 Meeting Completed
City Commission 7/13/2023 ADOPTED WITH Passed
MODIFICATION(S)
A Legislative Division 7/14/2023 Legislative Division Review Completed
A Mayor's Office 7/19/2023 Signed by the Mayor Completed
A City Clerk's Office 7/19/2023 Signed and Attested by the City Completed
Clerk
A lsiaa Jones 7/31/2023 ACA Review Completed
A Victoria Mendez 8/1/2023 Approved Form and Completed
Correctness with Modification(s)
A City Clerk's Office 8/1/2023 Rendered Completed
City of Miami Page 2 of 2 Printed on: 7/8/2025