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Royal Caribbean’s $300 million headquarters and mega terminal expect 2027 completion

Today's agenda for the Miami-Dade Board of County Commissioners includes reviewing proposed alterations to a developmental contract with the Royal Caribbean Group. These adjustments focus on the construction of a new terminal at PortMiami, set to significantly elevate the port's capacity for handling passengers.

Royal Caribbean’s $300 million headquarters and mega terminal expect 2027 completion

This project, which kicked off in 2019 and resumed in 2022 after a pandemic-related hiatus, includes a revision of the lease to encompass a cruise terminal. Under the new terms, the county maintains ownership of the newly built facilities and modifies the funding arrangement for the $600 million enhancement project aimed at boosting passenger traffic to 2.1 million by 2026.

The lease amendment under scrutiny removes the financing contingency, keeps a ceiling on the financed amount, and introduces a $15.5 million provision for project costs, which Royal Caribbean may reimburse without interest by January 1, 2027. Furthermore, the amendment contemplates an increase in the projected cost for Cruise Terminal G and Berth 10 and extends the completion deadline to December 31, 2027.

The financial restructuring also proposes a $5 million advance during construction and an additional $30 million to cover costs incurred during the project's suspension, with both sums to be repaid by Royal Caribbean. These fiscal strategies are expected to significantly benefit the county, with the cruise terminal agreement estimated to generate $2.42 billion.

Amidst these financial and structural revisions, the Royal Caribbean’s Miami headquarters, designed by HOK, will become an emblematic addition to PortMiami. The $300 million, 350,000-square-foot campus is engineered to reflect the cruise line's brand with an undulating facade resembling a vessel. The headquarters will not only consolidate the company's employees but also offer an array of amenities aimed at enhancing work-life balance. These include an open-plan workspace for heightened collaboration, technology-enhanced meeting spaces, an auditorium, and a rooftop soccer field. The design prioritizes wellness with interior stairs that encourage movement and a sky garden atrium, infusing the space with natural elements.

The port predicts the cruise terminal usage agreement it inked with Royal Caribbean and other cruise operators will raise annual passenger counts to 10.2 million by 2031, which would beat its pre-pandemic record of 6.8 million in 2019.

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