Home Of Miami Heat AmericanAirlines Arena Renamed FTX Arena Following 19-Year $135 Million Naming Rights Deal

AmericanAirlines Arena, home of the NBA’s Miami Heat in Downtown Miami’s Park West neighborhood, has officially been renamed the FTX Arena. The American Airlines signage has now been removed following the Heat’s Round 1 playoff loss to the Milwaukee Bucks. The name change is part of a 19-year, $135 million naming rights deal with cryptocurrency exchange FTX which was approved by Miami-Dade County Commissioners in March 2021.

As per the agreement the Heat, who have 19-years remaining on their lease with the arena, will receive an annual payment of $2 million for the naming rights from Miami-Dade County. FTX branding will also be placed on the Miami Heat’s website and digital platforms, promotions, contests and community engagement. American Airlines will retain a marketing agreement with the Heat.

Miami-Dade County has also entered into a partnership with FTX to collaborate on technology and Fintech education and has committed an additional $5 million in contributions to the county. Miami-Dade County must also reserve a portion of the naming rights deal proceeds to help combat local gun violence and poverty.

The deal represents the first partnership between a cryptocurrency company and a major American professional sports franchise. The partnership further advances Miami quest to be a cryptocurrency and blockchain hub and the Cryptocity.

AmericanAirlines Arena is located at 601 Biscayne Blvd. and first opened on New Years 1999 after the Heat moved from the Miami Arena. The arena was designed by Arquitectonica and 360 Architecture and had a total construction cost of $213 million. The spectator capacity for a basketball game is 19,600. The Miami Heat have appeared in five NBA Finals since 2010 and have won three NBA Championship titles since they were founded in 1988.

FTX US is a US-regulated cryptocurrency exchange led by CEO Sam Bankman-Fried. FTX operates two different exchanges, FTX (ftx.com) and FTX US (ftx.us). FTX is an international cryptocurrency exchange that is does operate in the US and supports more cryptocurrencies than FTX US. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. FTX pursues its mission, led by philanthropic founder Sam Bankman-Fried, to turn revenue into charitable giving which led to the launch of the FTX Foundation in which 1% of all FTX net fees are donated to select charities. FTX US supports Bitcoin, Ethereum, Dogecoin, Sushi, Tron, Tether, Litecoin, Bitcoin Cash and other cryptocurrencies.

Miami has quickly become the Cryptocity, and is becoming a cryptocurrency and blockchain hub led by Mayor Francis Suarez. Mayor Suarez’s goals include turning Miami into a Bitcoin mining hub by using the city’s nuclear power capability. He is also working towards allowing the use of Bitcoin to pay for tax and public services, as well as a salary option for city employees. Mayor Suarez set his focus on a Miami tech boom following the COVID-19 pandemic and has been working to attract the top tech and investment firms from San Francisco, Silicon Valley and New York City. The effort has paid off shown by taxable property values in Miami having doubled over the past decade as high-paying jobs have been attracted to the weather, beaches, restaurants, nightlife, low-tax and high-quality of life.

For a background on cryptocurrency and blockchain and its application to real estate check out the PROFILE Insider: The Crypto Revolution Versus The Evolution of Blockchain Part 1.

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Florida Panthers Break Ground On $65 Million Fort Lauderdale War Memorial Revitalization

Not only are the Florida Panthers in a push for the Stanley Cup, the team has broken ground on their $65 million revitalization of the Fort Lauderdale War Memorial and Baptist Health IcePlex. The Panthers will update and renovate the Fort Lauderdale War Memorial Auditorium as well as build a new state-of-the-art practice and community ice facility which will be known as the Baptist Health IcePlex. In total the public-private venue will span 144,000 SF.

The Panthers hosted a ceremonial groundbreaking with Fort Lauderdale Mayor Dean Trantalis, District 2 Commissioner Steven Glassman, Florida Panthers Chairman, Owner & Governor Vincent J. Viola and CEO & President Matt Caldwell, who introduced the new project and continued partnership with Baptist Health.

The Baptist Health IcePlex is expected to be completed next summer 2022. The facility will feature two regulation-sized indoor ice rinks, including a dedicated public rink offering a variety of youth and adult hockey programs, public skating, and figure skating. The Panthers official practice rink will feature a private locker room, fitness center and stadium seating for up to 1,000 fans during practices and training camps, which will be free and open to the public.

The Fort Lauderdale War Memorial Auditorium will get an updated and fully-renovated ballroom and theater. Live Nation is expected to be the facilities’ official programming partner pending a 10-year agreement which is in the works. The War Memorial Auditorium will also continue to serve as a tribute to honor Broward County's fallen military heroes.

Images via Florida Panthers and Rossetti

Formula 1 Coming To Miami In 2022 After Inking 10-Year Deal At Hard Rock Stadium

Formula 1 will be coming to Miami in 2022 and will be hosting a Miami Grand Prix at Hard Rock Stadium in Miami Gardens. Hard Rock Stadium will be the 11th location to host a Formula 1 Grand Prix in the United States with 2022 being the first of a 10-year deal. Hard Rock Stadium is also host to the Miami Dolphins, University of Miami football and The Miami Open, one of the biggest tennis tournaments in the world. The track is being designed by Formula 1 and Apex Circuit Design who simulated 36 different track layouts before deciding on the final 19-turn track. The entire track will be visible from the top of the stadium for unique viewing experiences. Hard Rock Stadium also features a 12-cabin gondola cable car system which will give views of the track and pits. Stephen Ross, The Miami Dolphins and elected officials on behalf of the City of Miami Gardens worked with Miami-Dade County to bring the agreement to fruition.

Image via Formula 1

The Mess At Melreese Golf Club Gets Worse As Miami Freedom Park Gets Delayed Again

There is just no telling where the supposed deal to bring a professional soccer stadium to Miami will end up after Miami city commissioners voted on Tuesday to continue negotiations with the group, led by Jorge Mas of MasTec, in regards to the projected $1 billion mixed-use office and retail project. Although Miami has a state-of-the-art stadium in Hard Rock Stadium, Inter Miami CF has decided that they need a dedicated soccer stadium to accommodate what are expected to be masses of fans, albeit one that is decidedly much smaller than the capacity Hard Rock Stadium could accommodate. It was proposed to voters that they could “vote to bring a soccer stadium to Miami along with a public park” where the public Melreese Golf Course currently operates, which passed in 2018.

Since then plans have changed significantly. The public park portion has been significantly scaled back to being a nearly non-existent part of the planned development. In fact, the 25,000 seat soccer stadium would potentially not even sit on the same lot if built. What is planned, should negotiations work out, is a massive private office park matched with a retail mall and a hotel. Those negotiations though are getting pushback from commissioner Manolo Reyes as well as local opponents such as Bruce Matheson, who claims the redevelopment of the golf course should have gone through a public competitive bidding process and that the city has continuously misled voters through the process. Numerous other opponents argue that there is no reason to get rid of one of the city’s last remaining public golf courses, all of which are heavily used, irreplaceable and support the local youth with programs such as The First Tee, especially with a state-of-the-art Hard Rock Stadium already built.

Reyes worked to force a vote on the proposed agreement before Commissioner Will Gort steps down at the end of the month as he maxes out his term limits but was shot down by majority vote from the commission which claims that the deal is nearly closed and is just pending 3 fair market value appraisals as well as traffic and environmental studies. Already environmental studies have shown the the ground underneath the golf course is full of toxic material and remediation would be in the range of $40 million.

Beckham first moved to have a stadium built at PortMiami in 2014 before the proposal bounced around 4 other sites including county-owned parking lot in Overtown. Inter Miami CF will play at their new Fort Lauderdale Stadium and Training Complex, which is currently under construction. If Miami Freedom Park is ultimately approved the timeframe for development would extend into 2022-2023.

Miami Dolphins Break Ground On Best In Class Training Complex At Hard Rock Stadium

The Miami Dolphins have broken ground on their new, best in class training complex that will be located in one of the former parking lots at Hard Rock Stadium. The project is expected to cost $135 million to build. The 217,200 SF facility will feature multiple outdoor fields, a 92,200 SF indoor field, state-of-the-art weight room, locker room, hydrotherapy, recovery area with cryotherapy, rehab areas, dining hall, auditorium, meeting rooms, press area, office area, fan amenities, broadcast area and on-site medical equipment as well as the Baptist Sports Performance Clinic which will be operated by partner Baptist Health. The facility was designed by Rossetti and construction is being overseen Moss Construction. The complex is expected to be completed in Spring 2021.