Key Takeaways:

Public-Private Deal Risks

The public took all the financial downside while the private owner (Jeffrey Loria) gained all the upside

No accountability or performance clauses in the deal

Lack of transparency and no public vote

Financial Structural Problems

Revenue bonds backed by volatile tourism taxes

High-interest, long-term debt ($1.9 million bond projected to cost over $1 billion)

Principal payments don't start until 2026, extending debt to 2048

Real Estate Investment Lessons

Demand drives everything - the Marlins had a small fan base

Verbal promises aren't enough; development commitments must be in writing

Always conduct independent financial reviews

Architectural beauty can't compensate for poor financial fundamentals

Consequences

Stadium surrounded by empty lots

Neighborhood saw minimal economic development

Loria sold team for $1.2 billion, making hundreds of millions in profit

Attendance dropped from 2 million to 800,000

Political backlash, including mayor's recall