How Miami taxpayers could be left holding a $400m bill for luxury real estate
Summary
A Chicago developer bought a land parcel on Fisher Island, Miami, for $180 million and planned to build expensive condos. The developer later agreed to sell the land to Miami-Dade county for $400 million, aiming to make a $220 million profit without starting construction. The property includes a fuel depot critical to the cruise industry, causing concerns about economic impacts and legal disputes over land control.Key Facts
- The land on Fisher Island sold for $180 million in September 2023 to the HRP Group, a Chicago developer.
- HRP planned to build condominium towers costing about $2 billion on this last available development parcel.
- The Miami-Dade county agreed to buy this land from HRP for $400 million in early 2024.
- The land hosts a fuel depot vital to Miami’s cruise ships, servicing companies like Royal Caribbean and Carnival.
- Removing the depot could risk the local cruise industry and related jobs because the closest alternative fuel terminal is 22 miles away.
- County officials voted in September 2023 to try legally stopping the land sale to protect the fuel depot.
- Fisher Island property owners sued to block the county from taking the land by eminent domain, claiming it is unconstitutional.
- HRP’s deal with the county could give it a $220 million profit without building anything on the site.
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