Art Basel, Miami Beach Make 5-Year Deal Official

NOW AT 6:00 IT IS THE
SUPERBOWL OF THE ART WORLD.
MIAMI BEACH IS HOST CITY EVERY
YEAR.
THEY INKED A LONG TERM DEAL TO
HOST THE SHOW IN THE CONVENTION
CENTER.
Reporter: ART BOSEL IS
KEEPING TALENTS ON MIAMI BEACH.
TODAY THE CITY SIGNS A FIVE-
YEAR DEAL WITH THE ORGANIZERS
TO HAVE IT HELD THERE LONG
TERM.
AND WE ALL BENEFIT.
$500 MILLION A YEAR IS
PROBABLY THE ECONOMIC IMPACT.
NOT JUST MIAMI BEACH BUT ALL OF
MIAMI AND SOUTH FLORIDA.
Reporter: THESE ARE
RENDERINGS OF WHAT THE CITY
WILL LOOK LIKE.
THE CITY HAD TO PAY $2.8
MILLION FOR AN ESCALATOR AND
ELEVATOR
BEFORE ORGANIZERS AGREED TO THE
DEAL.
IT IS UNDERGOING A $615 MILLION
EXPANSION WHICH WILL BE DONE BY
2019 WHEN THE FIVE-YEAR
CONTRACT WILL BEGIN.
WE FELT IT WAS GOOD TO
COMMIT STARTING IN 2019.
Reporter: EVENT ATTRACTS ART
CELEBRITIES TO SOUTH FLORIDA
EVERY WINTER.
EVEN THE ANNOUNCEMENT BROUGHT
STAR POWER.
THIS IS A SLAM DUNK OR SOME
WOULD SAY A TOUCHDOWN FOR THE
CITY.
LOCKING THEM IN FOR FIVE
YEARS IS LIKE LOCKING IN THE
SUPERBOWL FOR FIVE YEARS.
Reporter: THE SHOW MUST GO
ON IF EVEN IN A CONSTRUCTION
ZONE.
YOU WON'T EVEN KNOW.
Reporter: MIAMI BEACH WILL
BE THE HOME THROUGH 2024.
YOU CAN EXPECT A BIGGER SHOW IN
2017.
THERE IS PLENTY OF ART TO
SEE FROM OVER 30 COUNTRIES
AROUND THE WORLD.
Reporter: IT IS OFFICIAL.
THE 16th ANNUAL ART SHOW WILL
TAKE PLACE HERE AT THE MIAMI
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Art Basel, Miami Beach Make 5-Year Deal Official

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