Miami to create affordable housing fund with proceeds from David Beckham’s MLS team stadium

This is what the MFP project looks like in Miami

The city commission Miami voted to address at least one million dollars to a new fund dedicated exclusively to dealing with the problem of affordable housing in the city. Those funds will come out of future rental income to be paid by the football team. Inter-Miami (whose visible face is former English player David Beckham) by Build your stadium on land belonging to the city.

It is estimated that it will be at least one million dollars because the commission voted unanimously that they would allocate a 25% of the profit on stadium rent and commercial complex that Beckham, together with the developer Jorge Mas, will build on what until now was a private golf course whose land was contaminated on public land.

The stadium project is known as Miami Freedom Park (MFP for its acronym in English), which could be translated as Miami Freedom Park. There will also be a professional soccer stadium, soccer fields for amateur matches, a commercial complex, a hotel, offices and a 58-acre public park.

miami freedom park stadium
The complex will have a park, stadium, shopping center, office building and hotel

For the creation of the new fund, a second ballot from which no type of complication is expected, since the first vote was unanimous. In the MFP complex they cannot be built affordable housing because due to the proximity to the airport, the zoning does not allow for residential housing.

But since affordable housing is a priority for the city of Miami (where property prices and rents have skyrocketed in recent months), it is because of the initiative of the mayor, Francis Suarez, that it has been decided to create this new fund whose money could eventually be used for incentives for developers who want to build affordable housingincentives for owners and help for those who want to buy a home for the first time.

miami freedom park stadium
Soccer is becoming the most popular sport in South Florida, and the stadium will be the crowning of that trend

The fund will be managed by the city’s housing department. As stated, the fund must exist for at least five yearsand the money that comes in as interest on any loans that the fund makes, must return to the coffers of the fund.

The problem of lack of affordable housing is a national crisis. We have been balancing public and private investments in order to comprehensively address this problem. While we are unable to build affordable housing in the MFP, we have earmarked money from project proceeds for this issue. The MFP presents a world of opportunities for our community and for our residents”, indicated Mayor Suarez.

While the MFP is expected to be fully functional in 2025, until then the city will receive a percentage of the rent for the duration of construction.


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