Portman-CMC, a consortium led by real estate investment firm Portman Holdings, and a consortium of South Beach ACE, led by real estate firm Tishman Hotel and Realty have been shortlisted to renovate and expand the 52-acre convention centre site, which will also include an 800-room hotel.
The current site is situated north of the Lincoln Road Mall in Miami Beach, and the successful bidder will be responsible for the design, build and financing of the facility.
Eight teams had been vying for the concession since January, which has been valued between $500m and $1bn.
The project had been delayed and nearly derailed by a bid-rigging and corruption investigation. But prosecutors recently revealed that none of the teams’ bids had been affected, meaning commissioners were now comfortable moving forward.
Mayor Matti Herrera Bower renewed renovation efforts in early 2010. But after a $640m expansion was rejected and attempts to secure extra public financing failed, the City Commission agreed in January to pursue a P3 model.