Built in 1988 for $52 million, Miami Arena was the home for the NBA Miami Heat and NHL Florida Panthers. It was located in Downtown Miami at 700 North Miami Avenue.
After only 10 years, the arena became outdated and had a low seating capacity. The American Airlines Arena was built a few blocks away and became the new home for the Miami Heat. The Florida Panthers left in 1998 and moved to Broward County in the BB&T Center.
When both the Heat and Panthers left the Miami Arena, the building was used by semi-pro hockey teams and arena football. By 2004, the arena sat mostly empty and was finally demolished in 2008.
The land was sold for $35 million in 2012 to MDM Development Group where plans are underway to build a hotel and convention center on the site.