Olympia Theater upgrade on hold as tenant hangs on

After an unsuccessful request for proposals earlier this year, the restoration of the historic Olympia Theater and Tower has hit another roadblock as the last tenant has failed to vacate an apartment unit within the building.

On July 27, the Miami City Commission authorized the city attorney to proceed with legal action, if necessary, against a tenant residing in the Olympia building at 174 E Flagler St. whose lease expired in September 2022. The move comes as the city is engaged in talks with developers to find an operator for the nearly 100-year-old theater after no potential partners submitted responses to the initial request for proposals (RFP).

A similar resolution came before the commission in January to vacate four tenants from the Olympia Theater and Tower, which includes residential rental units. Last summer, the city delivered notices to those tenants stating their leases were up at the end of September. It appears the other three residents have since left the property.

In August 2022, the city issued an RFP for the improvement and lease of the theater to find a responsible operator for the aging landmark. The period for solicitation ended Jan. 20 with no responses submitted from prospective partners.

Commission Chairwoman Christine King, who represents District Five where the theater is located, told Miami Today in June that officials from Miami’s Department of Real Estate and Asset Management (DREAM) were meeting with interested developers to get feedback on the project. Ms. King said she hopes the talks will lead to a better understanding of why the city received no responses to the initial request.

While it’s uncertain whether talks are still ongoing, the city is taking steps to proceed with renovations. In addition to moving to vacate the last remaining residential tenant, the Arts in Public Places Board approved a waiver request in July for $540,435.61 that was to go to a public art fee but instead will be applied to the theater’s improvements.

The total rehabilitation of the historic Olympia Theater is projected to cost $25 million. The scope of work is to include the restoration of a minimum of 25 windows, interior finishes from floor to ceiling, repainting of common areas and replacement of Carrera marble in the box office. Improvements to marquees, signage, electrical and lighting upgrades are also planned.

Contributions from the city’s general fund, special revenue fund, and homeland defense bonds would provide $6,080,094. The other roughly $18 million needed for renovations is currently unfunded.

The building is also due for 40-year recertification inspections. A capital plans report from DREAM estimates the compliance check will be completed in September and cost $75,000, with monies allocated from the general fund.

The report further details that planning is underway to replace the elevator systems with sustainable, energy-efficient elevators to provide the most modern and safest technology available. Additional interior lighting and electrical repairs are also planned. The completion date is listed as September at a cost of roughly $922,000 from general and special revenue fund contributions.

After talks with developers conclude, the city is expected to issue a new RFP this summer to continue the theater’s restoration and proceed with a permanent operator in place.