The Art Basel art show plans to remain at the Miami Beach Convention Center for the long-term, as evidenced by a five-year agreement the show will sign with The City of Miami Beach on Oct. 5 at Miami Beach City Hall.

This year’s event, set for Dec. 7-10, will mark the 16^th edition of the modern and contemporary art show that draws visitors from across the U.S. and the globe to Miami Beach.

Last year, the fair attracted 77,000 attendees and 269 international galleries spanning 29 countries across North and South America, Europe, Asia and Africa.

“This agreement is comparable to locking in the Super Bowl for five years,” said Miami Beach Mayor Philip Levine. “Economists estimate $400-500 million in related economic impact as a result of this contemporary art fair convening artists, galleries, collectors, museum groups and other individuals interested in top-notch art from around the world.”

Set to commence in 2019, the long-term lease gives the show exclusive use of the entire Miami Beach Convention Center, including the new 60,000 square foot multi-level ballroom and meeting spaces, and the historic Carl Fisher Club House, with a five-year option to renew the contract.

An integral part of the agreement is an elevator and escalator the city agreed to add to the convention center’s $615 million renovation and expansion project that will provide a direct connection between the ground floor exhibition halls and the new Grand Ballroom located on the second floor.

“We are delighted to extend our longstanding relationship with the City of Miami Beach and look forward to hosting Art Basel in the newly renovated, state-of-the-art convention center for many years to come,” said Noah Horowitz, director Americas for Art Basel, which also stages annual art fairs in Basel, Switzerland and Hong Kong.

He continued, “Since our inaugural edition in 2002, the City’s unwavering support has helped make our show in Miami Beach what it is today: a global event and the leading art fair of the Americas, attracting an international audience of 77,000 from across the world each year. We are deeply grateful to the City for their ongoing commitment to Art Basel in Miami Beach and look forward with great anticipation to this next chapter together.”

Norman Braman, who has been chairman of the Art Basel in Miami Beach Host Committee from the fair’s inception, also was pleased with the decision to keep the show in its current home for another five years.

“Kudos to the Miami Beach Officials and the Art Basel team that are now guaranteeing that Miami Beach and Miami-Dade will host the premier art fair in North America for years to come,” he said.