MIAMI — In a unanimous 5-0 vote, Miami commissioners on Thursday authorized the city manager to negotiate and finalize a purchase and sale with SLAM Academy — a charter school founded by rapper Pitbull — for the historic Olympia Theater in downtown Miami.
The deal, which includes a $10 quitclaim deed transfer, restoration requirements, and reverted clauses, will return to the commission for a final vote in September.
Thursday’s decision marks the last commission meeting before the summer recess.
Miami City Manager Art Noriega said the draft agreement, which Local 10 obtained Thursday morning via a public records request, is “about 80 percent” complete.
While the sale price is symbolic, proponents argue the private capital investment — estimated between $40 to $50 million — justifies the low figure, provided SLAM fulfills its renovation and community use commitments.
Commissioners voiced cautious support, with several calling for stronger written assurances before final approval. Key outstanding issues include:
- A detailed renovation budget
- A comprehensive traffic/pick-up plan given the congested location
- A binding commitment on hours for public and community use;
- An updated building appraisal
- Clear terms for partnerships, particularly with Miami Dade College
“I want to see that this space is used as it is intended,” said Commissioner Christine King. “And I want to make sure kids from District 5 can also attend. I want that in writing.”
Noriega said no agreement will be finalized until a partnership between SLAM and Miami Dade College is confirmed.
He also stated that the theater is historically protected on a national level and cannot be torn down.
“We’ve worked in elements from public meetings — like public access days — and expect to finalize the agreement by September,” he said.
Commissioner Joe Carollo stressed that if SLAM profits from the property in any way beyond school use, the city must benefit financially.
“We need guarantees in the contract for the renovation investment — whether it’s $40 million or $50 million — and we need to protect the city’s financial interests,” he said.
Commissioner Damian Pardo, whose district includes the theater, acknowledged the financial and logistical challenges of preserving the historic building but expressed optimism.
“I’m very excited and optimistic about this,” he said, calling SLAM a credible operator. However, he noted that the building’s appraisal will likely show a “negative” value due to its extensive restoration needs and limited uses as a historic landmark.
On Thursday, Pardo responded on X to objections and requests by the Miami-Dade community on the sale of the historic theater.
Here are some of the most common questions received by our office and their responses. We will continue posting more as we receive others. We remain committed to community engagement, transparency and progress on important city wide initiatives. #olympiatheatre #gusmantheatre… pic.twitter.com/Htm2cNsHtv
— Damian John Pardo (@Damianpardo8) July 23, 2025
The Olympia Theater, opened in 1926, has sat largely vacant and deteriorating for years. While it remains on the National Register of Historic Places, its future has been the subject of heated debate.
Residents and preservationists have raised concerns about transparency and the lack of a public bidding process.
Former Commissioner and current mayoral candidate Ken Russell previously criticized the deal as a “no-bid giveaway,” while Downtown Neighbors Alliance President James Torres urged the city to delay the vote and explore other proposals.
At the meeting, Commissioner Ralph Rosado also asked about the city’s previously allocated $15 million “Forever Bond” funds for Olympia, which reportedly were redirected to parks in each district — a move some say was part of a larger political deal related to the Freedom Park project. That claim remains to be verified.
Despite concerns, commissioners expressed a shared goal: see the building restored and serving the community.
As Commissioner Miguel Gabela put it, “My fear is we keep pushing this down the road, and one, two, three years from now, nothing’s done. I just want the building renovated and used — for students.”
Miami resident John Dolson shared his feelings with Local 10 News about the $10 proposed sale.
“Well I think you have to do something to encourage somebody to invest the $30-50 million it is going to take. It is not a give way. It is a chance to have the thing restored on somebody else’s dime. We don’t have the money, so I really don’t think you have much choice at this point,” he said.
“We all want the theater to be restored,” added Miami resident Kristen Browde. “We all want Flagler the corridor to be restored, but what this does is it takes money away from pubic education, from the accountable school board, and puts it into the hands of a private company that has no accountably. That doesn’t accept all students. It is not good for public education and it is not good for the City of Miami.”
The matter will return before the commission in September for final approval.
Read the proposed purchase agreement here:
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