Miami voters have approved Denver-based real estate company Oak View Group's bid to take over management of the city's historic Miami Marine Stadium and restore the structure.

Built in 1963 and designed by Cuban architect Hilario Candela, the concrete modernist stadium was closed in 1992 following damage from Hurricane Andrew and has sat abandoned for decades as the city and residents debated its fate.

The City of Miami put forth a special election on 18 August as part of the city's primary race, which included a referendum on a management agreement with Global Spectrum LP, a subsidiary of Oak View Group.

The referendum proposes that the group would oversee the activation and events at Miami Marine Stadium and its surrounding site, including a nearby marina and the proposed Flex Park for the area, with plans to transform the structure "into a reimagined state-of-the-art venue".

In a sample ballot, the referendum also states a 40-year term lease, and that Global Spectrum would pay the city up to $10 million towards the restoration of "the historic Marine Stadium". According to BoatingIndustry, there would be no cost to taxpayers.

Local group Breakwater Hospitality Group is also part of the management deal.

More than 68 per cent of voters approved the referendum.

"We are elated that the Miami community advanced this important step forward in the restoration of one of Miami's most treasured landmarks," said Oak View Group president of venue management Greg O'Dell in a statement issued by the team. "Miami Marine Stadium is more than a venue; it's a symbol of Miami's vibrant history and future."

"Alongside our Miami-based partners, Breakwater Hospitality Group, we aim to support the city of Miami in honoring its legacy while creating a vibrant space that will serve generations to come, celebrate local culture, and drive economic growth across the region."

The stadium's restoration is one part of a larger $80 million initiative to modernise and redevelop parts of the surrounding Virginia Key, a spit of land that sits in Biscayne Bay south of Miami Beach.

According to advocacy group Bring Back Marine Stadium and Breakwater Hospitality Group, next steps include "a comprehensive study and visioning process for the renovated stadium" by Oak View Group, who are set to work closely with the City, preservation partners, the community, and Miami's creative and business leaders on the project.

Contract negotiations for the management of Flex Park will also begin.

The team says the project will be "one of the city's most ambitious cultural revitalisation projects in decades".

This is not the first time the city and public have sought to support the resurrection of Miami Marine Stadium.

In 2016, Heineken and the National Trust for Historic Preservation hosted a crowdfunding campaign aimed at raising money for its restoration and conservation group Docomomo listed the structure as one of the most under-threat buildings in the US in 2022.

The photography is by Rick Bravo