Miami sale of historic Olympia Theater awaits another vote

Written by Genevieve Bowen on July 30, 2025

The proposed sale of the historic Olympia Theater to SLAM Academy is moving forward, but only if stronger financial, legal and community benefit protections are included in the final deal expected to return this fall.

The 99-year-old downtown landmark has long languished in disrepair, and city officials hope the transfer to the public charter school network will bring a $40 million to $50 million renovation and new life as a center for arts and technology education. However, during a detailed July 24 discussion, commissioners voiced concerns about transparency, long-term commitments, and the need for broader public input before a final vote in September.

For years, city officials have tried to identify a long-term operator to restore and reactivate the property. In 2022, the city requested proposals allowing potential developers to propose uses such as a boutique hotel or restaurant, but the solicitation drew no responses.

Earlier that same year, Miami Dade College launched its own request for proposals to establish an innovation-focused school downtown and ultimately partnered with Mater Academy to open the “Miami Tech at Mater Innovation Academy.” The proposed Olympia Theater partnership would expand that effort.

SLAM Academy and its partners plan to rename the school the Miami Innovation & Arts Academy and use the Olympia site at 174 E Flagler St. to incorporate arts and technology into the curriculum. Miami Dade College is expected to serve as a higher education partner by offering dual enrollment programs and developing pathways from arts-based programs to college degrees. SLAM is also anticipated to support the college’s cultural programming as a venue partner for events such as the Miami Film Festival and the Miami Book Fair and providing dedicated studio space for MDC students.

Commissioner Joe Carollo started last week’s conversation by requesting two independent appraisals, one assessing the site’s value as a historic theater and another evaluating its highest and best development potential. He also called for financial guarantees to ensure that SLAM delivers on its renovation promises and mechanisms to ensure the city shares in any future profits if the property is sold or further developed.

Commissioners Damian Pardo and Miguel Gabela both supported the transaction and emphasized a need to act quickly before the aging structure deteriorates further, describing the deal as a step toward securing a partner capable of renovating and preserving the historic landmark.

Chairwoman Christine King emphasized a need for clear, enforceable community benefits, noting the commission’s resolution authorized the city manager to negotiate those terms. She said she wants the space used for its intended purpose and to ensure that the entire community shares in the value it creates, also asking for assurances that students from her district and citywide would be able to attend the school and take advantage of its programs.

Commissioner Ralph Rosado focused on neighborhood impacts and community transparency. He requested a traffic management plan for student drop-offs, more clarity about how office space on-site might be used, and a comprehensive list of answers to frequently asked questions to help the public understand the proposal. He also suggested creating an Arts Advisory Council to help guide programming at the theater.

The commission ultimately directed City Manager Arthur Noriega to return in September with a revised contract that includes appraisals and a full site condition report, legal and financial mechanisms to guarantee renovation spending, a final partnership with Miami Dade College, public access to the theater for community events, transportation plans to minimize traffic disruption and the comprehensive answers to questions for public outreach.

The city intends to transfer the property to SLAM by quitclaim deed, with a reversion clause allowing it to reclaim the site if the group fails to meet its obligations. Restoration must bring the building up to recertification and historic preservation standards within five years, including:

Interior work: rebuilding demolished dressing and crew rooms, repairing decorative paint and plaster damaged by water intrusion, completing structural repairs, retrofitting mechanical systems including a new chiller and cooling tower, and upgrading electrical, fire alarm and fire protection systems.

Exterior work: replacing the roof, windows and entrance doors; restoring ornamental iron railings; replicating and restoring façade elements including terracotta tile, brick and stucco; and restoring the Flagler Street marquee and ticket booth.

Use of the property will be restricted to public education, and any deviation from this or failure to complete the required restoration would trigger a reversion clause returning the property to the city.

Finally, the site is the subject of pending litigation in two cases: Robert Gusman, Bruce Gusman and Jackie Gusman Thayer v. City of Miami in Miami-Dade Circuit Court, and Maurice Gusman Cultural Center v. City of Miami in the Third District Court of Appeal. The proposed transfer is intended to result in the voluntary dismissal, with prejudice, of all claims against the city, according to the agreement.