On February 1, the Royal Caribbean Group initiated the construction of its innovative office campus at PortMiami, marking a significant development for Miami-Dade County. This new facility, spanning 10 floors with an area of approximately 380,000 square feet, is part of a comprehensive redevelopment of Royal Caribbean's PortMiami headquarters. The redevelopment includes modernizing existing office structures and constructing a new multi-level parking garage.
Jason Liberty, President and CEO of Royal Caribbean, highlighted the project's reflection of the company's maritime heritage and its aim to offer a stimulating work environment for its employees. The design, entrusted to the New York-based architecture firm HOK, aims for LEED certification, emphasizing sustainability. The completion of this ambitious project is anticipated in 2026.
Additionally, Royal Caribbean plans to enhance the workplace with amenities such as green spaces, gyms, and dry cleaning services for its 3,000 South Florida employees. Liberty envisions the new headquarters as a symbol of innovation and a magnet for global talent, contributing significantly to the local economy. This initiative coincides with Royal Caribbean Group's strong financial performance, reporting $13.9 billion in revenue and a net income of $1.7 billion for 2023, alongside a customer deposit balance of $5.3 billion as of December 31, 2023. The company anticipates record bookings, partly due to the introduction of the Icon of the Seas, the world's largest cruise ship.
Royal Caribbean Group, with a fleet of 67 ships across three cruise lines and a 50% stake in two additional cruise ventures, resumed construction of the campus in 2022 after delays due to the Covid-19 pandemic. Initially estimated at $300 million in April 2019, the project received approval from the Miami-Dade Board of County Commissioners in November 2023 for development changes, promising a $163 million positive economic impact from the campus lease. Miami-Dade has agreed to a maximum financing of $450 million for the project, with Royal Caribbean set to repay any advances for construction and fulfill passenger increase commitments linked to the new cruise terminal and berth developments at PortMiami. These enhancements are expected to boost passenger counts significantly, contributing to a projected $2.42 billion fiscal impact upon the terminal project's completion by December 31, 2027. Miami-Dade County Mayor Daniella Levine Cava expressed optimism about the benefits this development brings to Royal Caribbean, the county, and future vacationers.
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