11 May MIAMI CITY COMMISSION VOTES IN SUPPORT OF F1 RACING IN DOWNTOWN MIAMI FOR MULTI-YEAR DEAL
May 11, 2018 – Miami, start your engines! After an uncontested 5-0 vote by the Miami City Commission, F1 Racing is set to return to Miami for a long-term deal starting in 2019.
Resolution No. 22 has given the green light to bring the Formula 1 Racing Circuit to the City of Miami for the Formula 1 Miami Grand Prix from 2019 to 2028. Over the past years, there have been multiple attempts to secure an American expansion of the famed international racing league. Championed by Liberty Media Corp., the new F1 owner has been working to bring racing to Las Vegas as well as New York, but for now, Miami will be the USA racing headquarters – considered a great win for the city.
Miami has a long history of racing. Following similar routes of year’s past, the 2019 proposed track goes through PortMiami, over the port bridge, and around the American Airlines Arena in Downtown Miami.
Since the 1960’s, various infamous racecar drivers have called Miami home. From Johannes Badrutt, Drew Brannon, Butch Brickell, George Collazo and Ugo Colombo, racers from around the world have always shown they are willing to call Miami home if racing is available.
Racing first came to Miami in 1983 with a 3 km track that snaked around Bayfront Park. In 1986 the event moved briefly to Bicentennial Park (now Museum Park). In 1994 Trans-Am cars raced at the same time as CART racers, who traveled in the opposite direction.
A six-year break in racing ended with the opening of the Homestead Speedway, but quickly returned to Bayfront in 2002. The cars then again went silent for another 12 years until 2015 when Formula E came back for a one-off.
“Miami’s status as one of the world’s most iconic and glamorous cities, combined with its robust tourism infrastructure, makes Miami the perfect destination for Formula One and its fans,” F1’s managing director of commercial operations, Sean Bratches, said in a statement.
Championship leader Lewis Hamilton has stated repeatedly that Miami would be his dream location and it can be expected that many of the driving superstars will purchase homes in Miami.
Big real estate deals from drivers in Miami are nothing new. Former Formula 1 driver, Enrique Bernoldi resides currently in Fisher Island, but last January he put his Continuum South Beach condo on the market for $7.9 million after completing over $1 million in renovations, and ended up selling it for $6 million (a 24% decrease).
F1 hero Eddie Irvine recently put his Miami Beach mansion up for sale for $29.5 million. The former Ferrari, Jordan and Jaguar star only built the home a year ago but is already looking to cash in.
In addition to the potential real estate transactions, any host city of F1 Racing can expect a significant economic boom to the local economy. Experts predict benefits to the city to be similar to what was seen recently in Austin. Bringing in over 200,000 race-goers on race weekends is estimated to bring $2.8 billion in benefits over just 5 years of the race happening here.
Yet another win for the City of Miami. With all the recent developments, improvements and world-class cultural and arts institution, Miami continues to solidify itself as one of the most sought after global cities to live and invest in.