JUNE 29, 2016 — Royal Caribbean Cruises Ltd. (NYSE: RCL) has reached an agreement with Miami-Dade County to construct and operate a dramatic new cruise terminal at PortMiami, on land leased from the county.
The new terminal will be a striking addition to PortMiami and will serve as homeport to Royal Caribbean International ships, including a 5,400-passenger Oasis-class ship, the world's largest and most innovative cruise ships. The agreement will come before the Miami-Dade County Board of County Commissioners on July 6, 2016.
"We are truly excited to be working with Miami-Dade County and PortMiami to create not just another cruise terminal, but a truly iconic building," said Richard D. Fain, chairman and CEO for Royal Caribbean Cruises Ltd. "This new terminal is a symbol of our commitment to Miami, the city where our company first started almost 50 years ago. We can't wait to bring an Oasis-class ship to PortMiami."
"Miami-Dade County is happy to welcome Royal Caribbean's expansion at PortMiami, and all the economic benefits that come along with it," said Carlos Gimenez, Miami-Dade County Mayor. "This public-private partnership will have an estimated economic impact of $500 million and generate approximately 4,000 jobs. Royal Caribbean has been an important part of our world-class community for almost 50 years, and this expansion will once again make PortMiami Royal Caribbean's largest cruise port in the world. I thank them for their continued investment in and commitment to Miami-Dade."
U.K.-based Broadway Malyan has been selected as the firm to design the new terminal, after a global competition was held between five of the world's leading architectural firms. The firm was selected because of its creative thinking and cutting-edge design.
The 170,000-square-foot terminal is nicknamed the "Crown of Miami" because of its distinct shape. The design evokes the points of a crown when viewed from the water; the "M" of Miami when viewed from the east or western approaches; and a sense of waves rising or ships passing when viewed from the terminal side.
Royal Caribbean is also to add a 20,000 square foot Innovation Lab to its corporate headquarters located at PortMiami. The cruise line says that the Innovation Lab "will continue to generate Royal Caribbean's industry-leading, innovative vessels."
Currently, PortMiami welcomes approximately 750,000 Royal Caribbean passengers annually, about 15 percent of its overall passenger traffic. Once the new cruise terminal is completed, it is anticipated that Royal Caribbean will generate at least 1.8 million passengers at PortMiami – 30 percent of the port's projected passenger traffic.