After rejecting a $121m privately-funding deal involving a 98-year lease on the stadium, as well as surrounding waterfront acreage, the Miami commissioners approved public funding to revitalize Miami Marine Stadium on January 8.
Friends of Miami Marine Stadium brought the $121m proposal to the city, but at a meeting the week before Thanksgiving, commissioners turned down the group's plan. There were concerns about the private partners that were part of the deal. One of them, according to the Miami Herald, was a financier who had recently entered into personal bankruptcy proceedings.
Singer Gloria Estefan fronted an aborted plan by Friends of Miami Marine Stadium, but the city announced that public money would be found to make the improvements necessary to ensure the Miami International Boat Show could return to the city in 2016.
The stadium was closed in 1992 due to damage sustained from Hurricane Andrew. The city commissioners authorized a bond to raise money for the needed improvements. Moreover, terms were reached with the Miami International Boat Show's not-for-profit owners whereby $1.1m would be paid per year in rent, along with half of the proceeds from the parking sales and concessions.
The boat show will be the first event held at the 6,566-seat stadium in over 20 years. Once the venue is usable again, a promotional campaign using a poster printing service could help to rebuild its popularity.
