Miami-dade officials on Friday sought a bond of $250 million to pay for construction of a hotel and condominium project on a beachfront property near the resort.
The Miami-Puerto Rico Tourism Authority (MPRTA) is looking for an investor to help finance the project and has already received interest from three potential investors.
The group, called MPRTA Puerto Rico, will seek approval for the bond for the next three years.
The project will cost approximately $1.6 billion and will be built on land previously leased to Miami-based Caribbean Hotels International, the Miami Herald reported.
The resort will pay $125 million for the hotel.
The project is expected to open by 2020.
The MPRPA has been trying to build a hotel on the island’s south shore since 2007, but has struggled with the cost of land and the difficulty of getting permits.
The last major project to use a private developer was a five-star hotel project in 2010.
Miami-Dare Beach, which is part of the Ponce de Leon County, is the only county in the U.S. with a resort town status.
A similar project in San Juan, Puerto Rico’s second-largest city, is also being developed.