The City of Miami Beach is hosting Goodwood’s International Festival of Speed starting in 2024 as the first five-year contract has been approved for the third week of March.
The Goodwood Festival, which was established 30 years ago by the Duke of Richmond, in the House in Chichester, South of England, is the largest celebration of motoring sports, car manufacturing and design in the World.
Organizers of the event have been working with the city for over two years to bring it to Ocean Drive. Now the city is to negotiate details of the contract, which start with a five-year period, starting in March 2024.
The event would bring celebrities from the world of racing, car collectors and car exhibitors. The 2024 show would focus on themes of the future transportation and the end of fossil fuels usage.
Expanding from parts of Ocean Drive and Lummus Park- from Fifth to 15th Streets, including Collins Park- the event would host its Concours d’Elegance, an auction of historic vehicles. In addition, future lab, a build-out on the sand in Lummus Park, would be an “innovation pavilion with dynamic, interactive technology to inspire everyone in the industry, from enthusiasts to the next generation of scientists, investors and explorers, on sustainable development, electric cars, motors and robotics,” according to Goodwood website.
Tim Bailey, International Director of “The Goodwood Group,” told the city commissioners that the group engaged with sports consultants, who calculated the economic impact would fill about 121,500 hotel room, with about $17.8 million per year, with $27.6 million in non-accommodation gains, $6 million in non-local sponsors activation and $12 million in media revenue. About 102,000 public attendees and 69,860 spectators.