A group hoping to restore the Miami Marine Stadium said it's raised $10 million of $37 million needed for the project.
The Friends of Miami Marine Stadium hopes to restore the stadium with money from private donors.
"The Marine Stadium has been the symbol of neglect," said Miami Mayor Tomas Regalado. "Since 1992 it has been there, no administration has done anything at all. This is the first serious attempt in more than 20 years to have a new Marine Stadium."
Regalado said the city of Miami would maintain ownership of the waterfront site regardless of who pays for the renovations.
"The idea is that a trust, exactly what is going on with the Olympia in Downtown Miami, will be running the Marine Stadium, that all the money it produces it will be saved for the maintenance of the Marine Stadium, so it won't be a burden on the city of Miami," he said.
Built in 1963 and designed by architect Hilario Candela, the Miami Marine Stadium featured concerts on a floating stage, boat races, Sunrise Easter services, political rallies and more during its years of operation from 1963 to 1992.
It was shut down after Hurricane Andrew in 1992 even though it was never damaged by the hurricane. It has sat vacant ever since.