South Beach ACE projects $40 million to Miami Beach in first 30 years of their implemented proposal for the Miami Beach Convention Center
Published at SOBEACE.com on July 11
With Miami Beach's City Manager hours away from recommending a team for the redevelopment of the City's convention center, new information reveals that Portman-CMC's July 8th offer – which was submitted 48-hours past the City's July 5th deadline – violated the rules of the bid process.
The City has acknowledged Portman-CMC's wrongdoing by disqualifying the improper changes to its offer,as reported this morning.
Based on both teams' valid proposals submitted on July 5th, South Beach ACE will deliver more than $43 million more in lease revenue to the City over the deal's first 30 years versus the Portman-CMC plan.
"A review of the offers from both groups supports the allegation, with South Beach ACE's numbers coming in much higher in the initial bid. Portman suggests that its original retail figures were based on a misunderstanding about who would pay for development of the retail portion of the garage. But there were changes made to other portions of the Letter of Intent that had nothing to do with the garage."
South Beach ACE has prioritized transparency in this process and fully supports the City's disqualification of Portman-CMC's illegal July 8th proposal.
This is a 100-year project for Miami Beach. The City has one chance to get it right.While South Beach ACE followed the rules, Portman-CMC submitted an invalid bid and its legal counsel lacked the judgment to know better.
How can the public trust a team that doesn't know how to play by the rules?
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