The Dolphins will build their boatyard at Miami Beach.
And they won’t buy the space.
Instead, they’ll take advantage of what’s available.
The Dolphins will buy the property for $2.8 million, a deal that will net the team $1.5 million in incentives and tax credits.
And that’s just the beginning of the money the team is getting for the project.
The Dolphins’ current $1 million annual cap figure is $4.8 for every $1 in incentives they receive.
Miami Beach will become the Dolphins’ home for all future home games, the team announced Wednesday.
The stadium will remain open during the season.
Miami will build a $50 million waterpark in the heart of the city, which will have a bar and restaurant.
The stadium will be built in partnership with Miami-Dade County, which is the largest landowner in the area, as well as Miami-based sports management company Pinnacle Entertainment Group, which operates Marlins Park.
The new facility will also be able to host more than 200 NFL teams.
The first of those to open their home at the stadium will likely be the Miami Dolphins.