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Marlins Stadium CRE Impact Uncertain

MIAMI-Local experts disagree on whether the venue will create a development boom, but say Little Havana is sure to benefit.

By Crystal Proenza | Updated on March 24, 2009

(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-After receiving city approval last week, Miami-Dade County has approved and pledged funds toward a $634-million stadium to serve as home to the team to be dubbed Miami Marlins by 2012. Local experts disagree on whether the venue will create a development boom, but say Little Havana–where the site is located–is sure to benefit. The venue will be constructed on 17 acres at the site of the now closed Orange Bowl in Miami, and is set to feature a retractable roof, natural grass playing field, 37,000 seats and 6,000 parking spots. A plaza with retail space is also being planned, but the square footage has not yet been determined, a Florida Marlins spokesperson tells GlobeSt.com.

Miami’s commercial real estate community has conflicting opinions about whether the controversial project will spark commercial development and turn the neighborhood surrounding the stadium site into a hot spot. “The conventional wisdom is that the impact on retail and commercial will be quite significant,” says John Bell, managing director of Miami-based DTZ Rockwood. “This is expected to be an economic driver for retail and probably some small office. Lifestyle centers, restaurants, bars and entertainment concepts will most likely thrive there, and once the area gets exposure it will become a destination location.”

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