Scope

17,000-seat, 391,000-square-foot sports arena

Challenge

Ground-up development of a sports arena.

The City of Miami had no NBA basketball team. Through its Miami Sports & Exhibition Authority, the city invited major developers to propose development of a public/private arena project to attract and NBA franchise.

Solution

BPG won the competition and was named the managing partner of the consortion it assembled to develop and operate the arena.

BPG, through its joint venture called Decoma Venture, arranged for development rights, procured the land, and arranged private financing to build the arena.

After commencing construction, BPG and the City worked together to procure an NBA franchise which became the Miami Heat.

At completion, a private party also obtained a franchise for the Florida Panthers NHL hockey team and the team leased time in the arena.

The project was sold by BPG and its partners in 1994.

Acquired

-

Completed

July 1988. Sold in 1994.

Partners

Barker Pacific Group, Linbeck Construction Company, Harry M. Stevens, and Houston Sports Association

Financing
Shearson Lehman, Merrill Lynch, Long Term Credit, Bank of Japan, and Texas Commerce Bank

Major tenants

• NBA Miami Heat
• NHL Florida Panthers
• University of Miami Hurricanes
• Ringling Brothers Circus
• Ice Capades
• Sesame Street