The Miami City Commission has approved the sale of the historic Olympia Theater and its neighboring office building in downtown Miami to Sports Leadership Arts Management (SLAM), a charter school company co-founded by rapper Armando Christian Perez, known as Pitbull. The transaction was finalized with a unanimous 5-0 vote from commissioners, transferring ownership for $10.
As part of the agreement, SLAM is required to invest at least $57 million in restoring the theater’s performance space and seating area, along with another $20 million dedicated to renovating upper floors. Commissioner Joe Carollo stated, “This is the best of both worlds. They’re putting the money to upgrade the whole building, and we’ll still have the Olympia Theater.”
The Olympia Theater, which opened in 1926 and was added to the National Register of Historic Places in 1984, has seen its condition decline due to leaks, structural issues, and outdated systems. Planned upgrades include repairs to dressing rooms, decorative plasterwork damaged by water, mechanical systems retrofitting, and restoration of architectural features such as the marquee and ticket booth.
The deal also brings resolution to a legal dispute between Miami officials and heirs of Maurice Gusman. Gusman’s family sued the city in 2019 over alleged violations related to management covenants for the property. The settlement stipulates that if SLAM completes restoration within five years after receiving permits, litigation will end.
SLAM intends to open Miami Tech at Mater Innovation Academy on-site. The proposed campus may collaborate with Miami Dade College for dual enrollment programs and would be renamed Miami Innovation & Arts Academy. Public access requirements mandate that programming must be available for at least 180 days annually.
Public opinion on the transaction was divided during Thursday’s meeting. Many employees and parents associated with SLAM-supported schools spoke favorably about preserving an iconic venue while sparing taxpayers additional costs.
“Olympia is an iconic landmark that must be preserved,” said SLAM co-founder and CEO Millie Sanchez. “Our proposal saves the Olympia Theater, and it saves the city and its taxpayers from bearing that cost. The Gusman family, the original benefactor, supports this plan.”
Conversely, some residents criticized what they saw as a rushed process lacking transparency or broader public input.
“Over 45 years of civic activism I have learned the city of Miami loves to do things for its own comfort and convenience, even if it causes discomfort and inconvenience for residents,” said activist Elvis Cruz. “Don’t sell the Olympia Theater. Please restore it.”
Sandy Moise also expressed concern: “City officials have been acting like lobbyists,” Moise said. “What we are closer to is giving away one of Miami’s greatest public treasures in a backroom deal that does not reflect the will or the best interests of the people.”
