06/15/2026
A $2 billion luxury condo vision is now colliding with one of South Florida’s most important economic engines: PortMiami.
Miami-Dade County is moving to use eminent domain to seize a 10-acre fuel depot on Fisher Island, a site that currently helps supply fuel to cruise and cargo ships at PortMiami.
Developers purchased the land for approximately $180 million with plans to transform the industrial fuel depot into an ultra-luxury condominium project. The county later considered buying the property back for around $400 million, but walked away after major public backlash over the price.
Now, the issue has escalated into lawsuits, political fallout, eminent domain proceedings, and serious concerns over what could happen if PortMiami loses access to this fuel supply.
PortMiami supports cruise tourism, cargo movement, trucking, warehousing, hospitality, retail, restaurants, and thousands of jobs connected to South Florida’s economy.
For commercial real estate, this situation is a major reminder:
Not every property should be evaluated only by its development potential.
This is why due diligence matters. Before investors look at “highest and best use,” they also need to understand zoning, environmental concerns, public use, political risk, access, infrastructure dependency, and community opposition.
In South Florida, land is valuable.
If you’re watching commercial real estate in Miami-Dade, this Fisher Island fuel depot case is one to pay close attention to.
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