Miami Airport set for US$330 million commercial transformation with landmark investment package

USA. The Miami-Dade Board of County Commissioners has unanimously approved a landmark investment package to overhaul retail and food & beverage concessions at Miami International Airport.

The legislation secures a minimum guaranteed investment of US$267 million into the airport, with an additional US$64.5 million contingent on a lease extension. It brings the total potential investment to over US$330 million.

The modernisation plan is expected to generate approximately US$1 billion in revenue over the 12-year term, reinforcing Miami Airport’s role as an economic powerhouse for Miami-Dade County and securing its status as a leading gateway to Latin America and the Caribbean.

After months of negotiations between Miami Dade County Commissioner Danielle Cohen Higgins’ office, existing airport concessionaires and Miami-Dade Aviation Department officials, the Board said it has taken decisive action to restructure Miami Airport’s concessions model, increase investments and “set new industry-leading standards” for retail and dining experiences.

The approved plans include a shift in the current commercial offer to 63% food & beverage and 37% retail. With this rebalancing of the portfolio, Cohen Higgins said passengers will soon enjoy an expanded selection of high-quality dining and shopping options, aligning with trends at other major airports worldwide.

There will be expanded opportunities for small and minority-owned businesses, she noted, ensuring greater participation in concession contracts and supporting local entrepreneurs.

The plans will also see a minimum investment requirement of US$850 per square foot for retail spaces and US$1,000 per square foot for F&B spaces – nearly doubling industry standards.

Cutting-edge technology integration, including mobile ordering, AI-powered inventory systems and multi-order point-of-sale options will form part of the concessions strategy.

Cohen Higgins commented, “For the first time in decades, we have achieved a transformative milestone for MIA – one that positions MIA to become a world-class gateway for our millions of residents and visitors. With record-breaking growth – 56 million passengers and over 3 million tons of cargo in 2024 – MIA is at a pivotal moment.

“To stay competitive on the global stage, we must act decisively. This historic agreement modernises MIA’s concessions, expands dining and retail options, and secures long-term revenue for our community.

“Just as importantly, it opens doors for new businesses, giving local entrepreneurs a real opportunity to grow and succeed at one of the busiest airports in the world.”

Cohen Higgins is spearheading new Requests for Proposals for concessionaire opportunities in the upcoming Terminal K, as well as unleased spaces in the North Terminal and other high-traffic areas.

“These efforts will broaden vendor diversity and enhance MIA’s offerings with innovative, world-class brands,” she added.