Education uses shift Olympia Theater to charter school

The historic Olympia Theater in downtown Miami has been sold to public charter school SLAM, which pledges $50 million in planned renovations while preserving the theater as a public and educational venue.

During their Sept. 25 meeting, city commissioners unanimously concluded the sale of the Olympia Theater and the neighboring 10-story office building to SLAM, also known as Sports Leadership Arts Management.

Amendments approved during last week’s meeting also strengthened commitments to the city and community, including a minimum annual budget of $750,000 to $1 million for theater operations and cultural programming, as well as additional funding to relocate a downtown permit clinic on the site.

City officials have long sought a partner to restore and reactivate the nearly century-old Olympia Theater at 174 E Flagler St. and the adjacent office building, which faces major maintenance challenges including structural issues, water damage, deteriorating plaster and outdated electrical and HVAC systems. The city recently said in a statement that the cost to repair the property, including significant work for its 40-year recertification, far exceeds the building’s value and is beyond the city’s financial means.

In 2022, the city requested proposals from developers to restore and manage the theater but got no responses. That same year, Miami Dade College launched its own RFP to establish an innovation-focused school downtown. The current deal with SLAM, first announced in June, expands on that effort, with SLAM planning to rename the school the Miami Innovation & Arts Academy and use the theater site to incorporate arts and technology into the curriculum.

Now, the city will officially transfer the Olympia to SLAM via quitclaim deed for a symbolic $10. SLAM must restore, manage and operate the property as a public education facility, completing $50 million in restoration within five years or risk returning the site to the city.

Restoration encompasses both interior and exterior, including rebuilding demolished dressing and crew rooms, repairing decorative paint and plaster damaged by water intrusion, completing structural repairs, upgrading mechanical systems with a new chiller and cooling tower and modernizing electrical, fire alarm and fire protection systems.

Exterior work includes replacing the roof, windows and entrance doors; restoring ornamental iron railings; replicating and restoring façade elements such as terracotta tile, brick and stucco; and refurbishing the Flagler Street marquee and ticket booth.

The agreement also ensures the theater will remain an educational facility and public asset. Miami Dade College will serve as a higher education partner, offering dual enrollment programs and developing pathways from arts-based programs to college degrees. SLAM will support MDC’s cultural programming by hosting events such as the Miami Film Festival and Book Fair and providing dedicated studio space for MDC students.

The theater must remain open to the public for at least 180 days per year, guided by an advisory council of local arts and culture groups. Additionally, SLAM is to provide preferred student enrollment periods for local neighborhoods and conduct a traffic study to minimize community disruption when the school opens.

Per an amendment introduced by Commissioner Damian Pardo, SLAM is required to maintain a minimum annual budget of $750,000 to $1 million for theater operations and cultural programming, including fundraising and in-kind support for educational amenities.

Commissioner Ralph Rosado added an amendment requiring SLAM to fund relocation of the permit clinic at the site run by the Downtown Development Authority, ensuring ongoing support for local businesses in the area. The agreement also includes a reverter clause protecting the city if SLAM fails to meet its obligations.

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