Glenn Straub, the former owner of Miami Arena, an indoor arena in Miami, Florida, has transferred the site to Miami World Center Partners namely, Art Falcone and Nitin Motwani. The deal was closed at $35 million, according to the Miami-Dade County clerk's office. Along with Art Falcone and Nitin Motwani, the buyers group also includes Stearns Weaver Miller Weissler Alhadeff, a full-service law firm, as manager.
The Miami Arena was constructed in the year 1988 for a cost of $52 million and it took Hollywood Sportatorium's business away. Many of the football and hockey teams resided in the arena for number of years. The first team to reside in the arena was Miami Heat, a professional basketball team, from 1988 to 1999. Meanwhile, the Florida Panthers, a professional ice hockey team as well resided in the arena from 1993 to 1998. Also, the university of Miami basket ball teams, Miami Hooters of Arena Football League, Miami Matadors and Miami Manatees resided in the arena for significant time. Since 2005, Miami Morays, an indoor football teams is housed by the arena.
Apart from housing numerous sports teams, the arena also hosted various sports events as well. NBA All-Star Game in 1990, WWF Royal Rumble in 1991, NCAA Men's Basketball East Regional Final in 1994 and the NHL's Stanley Cup Finals in 1996 were the games hosted by Miami Arena. Till the year 1998, the arena started showing signs of aging, though being mere 10 years old. The sports clubs and teams started leaving it and moved towards newer venues along with the sports concerts holding in other places. The arena became nearly inactive when in 2004, Glenn Straub, investor of Palm Beach County, Florida, purchased in from an auction at a cost of $24 million which was less than the cost city of Miami paid for its original construction.
In 2008, Straub announced demolition of the arena; meanwhile, interiors of it were already cleared out. Though demolition took place till late September, walls of the arena kept standing and hence, it continued till October end when the walls finally fell. After the final demolition, a park was developed on the site which constituted of 4.71 acres space. Eventually, the land was purchased by World Center Partners at a cost of around $35 million.
The partners have a plan to develop Miami World Center which would be a blend of residencies, commercials offices and hotels. The plan stalled due to economic slowdown but perhaps there are possibilities of the project getting developed on the site soon.