City huddles with developers to add hotel at Olympia Theater

Restoration of the historic Olympia Theater and Tower is temporarily stalled as the city is engaged in talks with developers after none responded to a request for proposals.

On Aug. 24, 2022, the City of Miami requested proposals for the improvement and lease of the theater at 174 E Flagler St. downtown to find a responsible operator for the aging landmark. The period for solicitation ended Jan. 20 with no responses submitted from prospective partners. Despite the setback, Chairwoman Christine King said the renovations are still coming.

“The city put out an RFP (request for proposals) to include the restoration of the historic theater, management of the theater, boutique hotel and other ancillary features, like a bar or restaurant. But that RFP received no proposal,” said Ms. King who represents District Five, in which the Olympia Theater is located.

Officials from Miami’s Department of Real Estate Asset Management, or DREAM, are currently meeting with interested developers to get their feedback on the project. Ms. King said she hopes the talks will give the city a better understanding of why no one responded to the initial request for proposals.

After the talks conclude, the city intends to issue a new RFP this summer to continue the theater’s restoration and move forward with a permanent operator.

“Whoever is awarded that bid, they would be doing the restoration of the theater, management of the theater, the hotel and all the other stuff… so it is like one big catch-all,” said Ms. King when asked about who would run the theater in the future.

The city hired R.J. Heisenbottle Architects to prepare a conditions assessment report of the fading theater as well as a scope of services for the renovations consistent with its rich history. The firm has been contracted for designs of work needed to repair the exterior façade of the building.

Earlier this year, just as the initial RFP period was ending in January, the city commission allocated $1 million for the theater’s restoration. Half the money came from a Florida Department of State Division of Historical Resources grant, which the city was required to match with an equal amount.

The funds were to go toward the replacement of at least 25 windows, interior finishes from floor to ceiling, repainting of common areas and replacement of Carrera marble in the box office. Additional upgrades to signage, electrical and lighting systems were also to be included.

Despite the boost from $1 million in state and local funding, much more is still needed. The city’s proposed budget for capital improvements projects for this fiscal year estimated costs for the theater’s complete restoration at $25 million, with nearly $18 million still unfunded.

Now in its 97th year, the Mediterranean revival-style theater was built for Paramount Enterprises in 1926. In its prestigious lifetime, the Olympia Theater has featured world-class performers like B.B. King, Etta James and Luciano Pavarotti.

In 1976, the declining building was saved from demolition by South Florida philanthropist Maurice Gusman, who deeded it to the city. The Olympia Theater was subsequently placed on the National Register of Historic Places in 1984.