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$121M Proposal for New Miami Marine Stadium? Pulverized.

Sometimes, $121 million can slip right through your fingers. Especially when it's tied to a plan with that price tag to redevelop the abandoned Miami Marine Stadium.

Although the proposal from nonprofit Friends of the Miami Marine Stadium (with Gloria Estefan as its public face) was intended to be considered by the City Commission, it deflated before delivery there.

The plan intended to revive the dormant space with a 121,000-square-foot convention center, landscaped outdoor expo space, a 400-space parking garage and a 280-rack boat and Jet Ski storage. Hopes were up when the Miami International Boat Show announced that the stadium would be its new venue in 2016 and 2017. So why did it fail?

The proposal fell on its negative environmental impact on the surrounding area. And then there was the stumble by a corporate partner, Expo-Miami: the VP and CFO filed for personal bankruptcy in October.

The 6,566-seat stadium, originally opened in 1963, has been closed since 1992 from the heavy destructive hand of Hurricane Andrew.

The City Commission is open to new proposals.

· Miami drops plan to restore Marine Stadium [The Real Deal]
· More coverage of Marine Stadium [Miami Curbed]

Miami Marine stadium

Virginia Key, Key Biscayne, Florida