Steve Ross, Jeff Soffer Propose $240M Miami Airport Hotel

A vote on billionaire developers Steve Ross and Jeffrey Soffer’s proposal to build a luxury hotel at Miami International Airport was deferred this week, as both ramp up development activity in South Florida.

Miami-Dade commissioners serving on the county’s airport and economic development committee unanimously voted for the deferral on Wednesday. The committee will be voting on awarding a contract to the developers’ FDR Miami Hotel LLC for a 50-year lease for the long-planned hotel on 1.8 acres of county land. The project is expected to generate $240 million in revenue for Miami-Dade, according to the county.

If approved, the full county commission would vote on the proposal.

FDR, a joint venture between New York-based Related Companies and Soffer’s Fontainebleau Development, is proposing a four-star hotel with about 450 rooms, a full-service restaurant and bar, rooftop restaurant, a pool, business space, a fitness center and a spa. The hotel would connect via an air-conditioned pedestrian bridge to the airport’s D concourse.

The joint venture was selected as the top bidder as part of a two-phase request for proposals. If the project moves forward, the developers would pay whichever is greater: $2.5 million or 3.5 percent of the gross revenue a year once the hotel opens, and much less while it is under construction. The county expects to generate at least $220 million over the term of the lease.

Ross, who owns an oceanfront estate in Palm Beach, has been doubling down on South Florida over the past few years. His New York-based Related Companies has become the largest commercial landlord in downtown West Palm Beach. In Miami, the firm is partnering with Swire Properties on the tallest planned office tower in Florida. Construction recently began on the latter. Ross also owns the Miami Dolphins and Hard Rock Stadium.

Last year, Ross tried to secure a zoning change for the oceanfront Deauville Beach Resort property in Miami Beach, where he wanted to develop a luxury two-tower Equinox-branded condo and hotel development. Voters rejected the referendum in November.

Since leaving the family firm, Turnberry Associates, Soffer has added major projects to Fontainebleau Development’s portfolio. The company completed and sold out SeaGlass, a luxury condo on Jupiter Island, and plans a second condo project nearby. It also owns the Big Easy Casino in Hallandale Beach, in addition to the Fontainebleau Resort in Miami Beach and the JW Marriott Miami Turnberry Resort & Spa in Aventura.