The Miami City Commission has approved the sale of the historic Olympia Theater in downtown Miami to Sports Leadership Arts Management (SLAM), a charter school company co-founded by rapper Armando Christian Perez, known as Pitbull. The transaction, finalized on Thursday with a unanimous 5-0 vote, transfers ownership of the 1926 theater and its adjacent office building to SLAM for $10.
As part of the agreement, SLAM is required to invest at least $57 million into restoring the venue’s interior performance space and seating area. An additional $20 million will be allocated for renovations to the upper floors of the theater. 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 was originally opened in 1926 as a silent movie palace and has hosted performers such as B.B. King, Luciano Pavarotti, and Etta James. Despite its historical significance—it was added to the National Register of Historic Places in 1984—the property has suffered from leaks, structural damage, and outdated systems in recent years.
Under terms outlined in city records, SLAM must reconstruct dressing and crew rooms, repair water-damaged decorative plaster, retrofit mechanical systems, and restore features including the marquee, façade, roof, and ticket booth.
The deal also settles an ongoing legal dispute between Miami and heirs of Maurice Gusman. Gusman rescued Olympia Theater from demolition in the 1970s; his family sued Miami in 2019 over alleged violations regarding management covenants tied to use by the Miami Parking Authority. According to settlement terms within this agreement, if SLAM completes restoration within five years after receiving permits, litigation will end.
SLAM operates several charter schools across South Florida. The organization plans to open Miami Tech at Mater Innovation Academy inside Olympia Theater’s complex—potentially partnering with Miami Dade College for dual enrollment programs—and rename it as Miami Innovation & Arts Academy. The agreement requires that programming accessible to the general public be held at least 180 days each year.
During public comment at Thursday’s meeting, many employees and parents associated with SLAM-supported schools spoke in favor of transferring ownership under these conditions.
“Olympia is an iconic landmark that must be preserved,” said Millie Sanchez, SLAM co-founder and CEO. “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 giveaway without broader community input or competitive bidding. 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… Don’t sell the Olympia Theater. Please restore it.”
Sandy Moise criticized city leaders’ handling of negotiations: “City officials have been acting like lobbyists… 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 best interests of people.”
