noticias
The former NBA player Manu Ginóbili partners in a $337 million sports park.
Nov 26, 2024
A company owned by multiple Argentine sports stars, including NBA Hall of Famer Manu Ginóbili, is seeking a deal with Miami-Dade County for a sports-themed project in Homestead.
The project would include a soccer stadium with a capacity for 10,000 spectators, in addition to a hotel and sports training centers with dormitories for student athletes. Developer-funded improvements would also be made to a public park.
The total cost of the project is estimated at $337 million, according to an analysis by Miami Economic Associates.
The Miami-Dade County Commission will consider a resolution related to the project on November 20, with a proposal to allow the mayor's office to conduct all necessary due diligence in a timely manner to determine whether it can sign a development agreement for a 99-year lease with VSGS Facilities LLC for 20 acres at 28451 S.W. 127th Ave. This portion is just part of the land contemplated for the site, but it is critical because it would include the commercial elements and the stadium.
According to a staff memorandum from the county, that 20 acres was part of 123 acres that Miami-Dade County agreed to sell to Miami-Dade Steel LLC in 2019 for the construction of a micro steel mill. That agreement was last amended in July 2023. So far, construction of the steel mill has not begun, nor has the sale of the land been finalized.
The site is part of the Homestead Reserve Air Base that the U.S. Air Force transferred to Miami-Dade County in 2004 to promote economic development.
The agreement with Miami-Dade Steel allowed the county to retain ownership of 20 acres of the 123 acres of the site and to reduce the purchase price accordingly, and the county decided to exercise that right on July 26, according to a staff memorandum. This freed those 20 acres for other uses, attracting the interest of VSGS Facilities.
Through a public information request to the county, the Business Journal obtained a copy of the application that VSGS Facilities sent to Commissioner Kionne McGhee on May 22, which describes the project, its shareholders, and the possible financial terms.
The two main shareholders, each with a 25% stake, are:
Juan Sebastián Verón, a former professional soccer player who represented the Argentina National Team in three FIFA World Cups and is now the president and head coach of Estudiantes de La Plata Club in Argentina.
Dario Sala, a former professional soccer player, former general manager of Jacksonville Armada FC, and former coach at Atlanta United FC.
Sala could not be contacted for comment.
The minority shareholders, each with an 8.3% stake, are:
Manu Ginóbili, who won four NBA titles with the San Antonio Spurs, a gold medal with Argentina at the 2004 Olympics, was a two-time NBA All-Star, and was named NBA Sixth Man of the Year.
Juan Ignacio "Pepe" Sánchez, a former basketball player at Temple University, Olympic gold medalist with Argentina in 2004, former professional player in Spain, and co-founder of several tech startups.
Mariano Zabaleta, a former professional tennis player with three ATP titles, co-founder of Slice Token, and vice president of the Argentine Tennis Association.
Juan Mónaco, a former professional tennis player with nine ATP singles titles and CEO of Sports Summa.
Riccardo Silva, a sports media investor, president and co-owner of Miami FC, and co-owner of AC Milan.
Emiliano Fernández Balague, co-founder of AstroPay and founder of FerBal Capital.
Gastón Remy, former president and CEO of Dow Chemical in Latin America.
The project would include a 10,000-seat soccer stadium for yet-to-be-revealed men's and women's teams, a hotel with 100 to 150 rooms, 200 beds for students, a 9,600-square-foot soccer academy, four soccer fields, an 8,600-square-foot American football academy, an American football field, a rugby field, 12 tennis courts, a 38,000-square-foot basketball complex with a 2,999-seat arena and six basketball courts, a 5,000-square-foot sports medicine center, and related retail and concession areas. Most of these facilities would be aimed at youth leagues and sports academies.
VSGS Facilities would build most of the sports fields and training facilities on 72 acres located south of the Homestead Reserve Air Base, land that is not involved in the steel mill agreement. However, the 35.5-acre site that would include the stadium, hotel, and commercial areas would encompass 20 acres that the county would need to exclude from the steel mill agreement.
VSGS Facilities would fund $44 million in public improvements for parks and sports in exchange for the 99-year lease, according to the application. The final terms of such an agreement would need to be approved by the County Commission at a later date.
According to the economic projection by Miami Economic Associates, the project is expected to generate $290 million in economic benefits during construction and sustain 610 jobs with combined earnings of $46 million upon completion. It would also generate approximately $5 million in annual property taxes.
The Miami-based attorney, Neisen Kasdin, represents VSGS Facilities.