The Miami City Commission has approved the sale of the historic Olympia Theater and its adjacent office building 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 on Thursday, transferring ownership for $10.
Under the agreement, SLAM is required to invest at least $57 million in restoring the theater’s interior performance space and seating area, along with an additional $20 million for renovations to the upper floors. Commissioner Joe Carollo commented on the deal, stating, “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, built in 1926 and designed by John Eberson, has been recognized as a significant cultural landmark in downtown Miami. It was added to the National Register of Historic Places in 1984 and has hosted notable performers such as B.B. King, Luciano Pavarotti, and Etta James. Despite its history, city records indicate that leaks, structural damage, and outdated systems have led to significant deterioration.
Required upgrades under SLAM’s stewardship include reconstructing dressing rooms, repairing water-damaged plasterwork, updating mechanical systems, and restoring exterior features like the marquee and ticket booth.
The sale also brings resolution to a legal dispute between the city and heirs of Maurice Gusman—the developer who saved the property from demolition in the 1970s—who sued Miami in 2019 over alleged covenant violations regarding theater management. The settlement stipulates that if SLAM completes restoration within five years of receiving permits, litigation will end.
SLAM operates several charter schools in South Florida and plans to open Miami Tech at Mater Innovation Academy within the Olympia complex. The new campus may collaborate with Miami Dade College for dual enrollment programs and will be renamed Miami Innovation & Arts Academy. As part of its commitment to public access, SLAM must host events open to all for at least 180 days each year.
During public comments at Thursday’s meeting, many SLAM employees and parents supported the agreement. Millie Sanchez, SLAM co-founder and CEO said: “Olympia is an iconic landmark that must be preserved. 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.”
Opposition came from some residents who objected to what they described as a rushed process favoring private interests over community input. Activist Elvis Cruz stated: “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,” adding: “Don’t sell the Olympia Theater. Please restore it.” Sandy Moise also criticized officials’ approach: “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.”
