Miami approves Olympia Theater sale to Pitbull-founded SLAM charter school with $50M restoration plan

The Miami City Commission unanimously approved the sale of the historic Olympia Theater and an adjacent building to SLAM Academy, a charter school co-founded by rapper Pitbull, with the transaction price set at a symbolic $10. SLAM is committed to investing at least $57 million in restoration, with additional renovation costs estimated around $20 million, aiming to complete the work within five years while maintaining the property for public education and civic purposes. The agreement mandates the theater be available for at least 180 public events annually and requires SLAM to partner with Miami Dade College for academic and cultural programming. The property, managed by the city since 2011 and listed on the National Register of Historic Places, has suffered significant deterioration, with repair costs exceeding the city's financial means. Commissioners emphasized the importance of binding commitments to community access and financial protections for the city should SLAM profit beyond school uses. The deal concludes months of public debate and aims to revitalize the venue as both an educational institution and a community arts space.