Miami-Dade County has approved an agreement with Miami Gateway Partners, a private developer, to construct a four-story, $400-million cargo center at Miami International Airport to enhance cargo operations.
The company will construct a facility on 11 acres of airport land that will span nearly 800,000 square feet. The lease will be for 40 years, and the county will receive $521 million in revenue.
The Vertically Integrated Cargo Community, as Mayor Daniella Levine Cava and Commissioner Raquel Regalado announced, will also have a significant local economic impact.
The project is anticipated to generate a minimum of $512 million in rent and business revenue throughout the 40-year agreement, as well as 8,500 new temporary employees during the five-year design and construction phase and 2,500 new permanent jobs.
The initiative was referred to as the first of its kind in the Western Hemisphere by Levine Cava and Regalado.
The airport’s cargo capacity is anticipated to increase by 50% or up to two million tons annually as a result of the county’s $400 million investment. Cava stated that the project will increase MIA’s total cargo capacity to a minimum of 4.5 million tons by the time it is finished in 2029.
In 2024, the airport is expected to handle over 2.9 million tons of cargo.
Cava stated, “This is excellent news for our community and economy, as MIA is our largest economic engine, generating thousands of jobs for our residents and significant income for many of our leading industries, including tourism and small businesses.”
Regalado, whose District 7 encompasses Key Biscayne, stated that the county has been prioritizing the expansion of cargo capacity at MIA in recent years to guarantee a dependable supply chain.
Regalado stated, “The investment made today is transformative.” “It will significantly improve the cargo capabilities of our airport and set a new standard for sustainable, resilient infrastructure.” (It) will bolster Miami-Dade’s status as a global commerce hub and stimulate economic development.
The private developer is obligated to employ at least 60% of design and construction firms headquartered in Miami-Dade and to ensure that these firms employ registered small businesses during all project phases, as stipulated in the lease agreement.
Ralph Cutié, the director and CEO of MIA, stated that the initiative is “one of the many historic investments being made at MIA to modernize and transform every facet of our operations.”.
He stated that the airport is scheduled to undergo nearly $9 billion in capital improvements and enhancements over the next decade. These encompass the construction of a new parking garage and a four-star hotel, as well as the expansion of concourses, terminal renovations, and maintenance improvements.
Reference Article