The law firm explains to GlobeSt.com that the information regarding the adjacent real estate that was purchased "is still on the table" and "is likely to be settled next week;" however, they did confirm that it will include developable land. The developable land mentioned, according to a press conference on Feb. 22, includes 110 acres around the stadium. A Related spokesperson tells GlobeSt.com that they are not going to comment until they receive NFL approvals.
Prior to the transaction, H. Wayne Huizenga, an individual and resident of Florida, owned, both directly and indirectly, 100% of the outstanding equity interests in the Miami Dolphins franchise, Dolphin Stadium and certain adjacent real estate including County Line South Properties Ltd. and Dolphin Center Properties. In the press conference announcing the transaction, Huizenga, who will remain the managing general partner, said that sometime in the future, Ross will have the opportunity to take on that role. "There is no timeframe. There is a formula," he said referring to at what point Ross will have the opportunity to purchase full interest in the team.
At the press conference, Ross explained that this interest is specifically between Huizenga and himself, noting that he has no partners at this time. He did say that he might look into adding partners down the road, but doesn't know at this point.
When asked if it's purely coincidental that this transaction was revealed only one day after the Marlins stadium was approved, Huizenga said "we've been working on this for a long time. It had nothing to [do] with the Marlins stadium."
New York counsel Marty Edelman and partner Bob Wertheimer led the Paul Hastings team, which included partner Charles Baker, Michael Kupin and associate Randy Merkelson. Hastings collaborated with co-counsel Bingham McCutchen LLP on the transaction, and it was led by Jonathan Bernstein, Steven Taibl, James Black and John Concannon.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
