MIAMI -- The owner of the Miami Arena said he plans to demolish the vacant venue that once served as home to two professional South Florida sports teams. When it's brought down, he wants to build a new baseball stadium for the Florida Marlins on the land, Palm Beach County investor Glenn Straub told Local 10's Michael Putney on Friday.

Straub purchased the Miami Arena from the city of Miami for $28 million in 2004. He wanted to keep the arena open after its last permanent tenant -- the University of Miami men's basketball team -- relocated to the BankUnited Center in 2003.

"Tearing it down serves nobody's purpose," Straub said at the time.

He didn't tear it down but had to fight a long legal battle to become the owner of record. In March, he received a permit to demolish the building.

The permit is only valid for 180 days and is set to expire Sept. 27.

In a phone interview Friday, Straub said the interior of the arena has already been gutted and the building will be imploded in about two weeks.

Straub said he and his partners want to build the long-sought Marlins stadium on the property and will finance it themselves. Straub also said he wants to swap the land for the site of the demolished Orange Bowl because he has plans to develop it.

The announcement comes as plans to construct a new ballpark at the site of the Orange Bowl could be delayed by a legal squabble.

Miami Arena, which opened in 1988 at a cost of $52.5 million, has been vacant since the Hurricanes relocated to their on-campus stadium.

The arena -- sometimes called the "Pink Elephant" -- was built to serve as the original home of the NBA's Miami Heat for the team's first 11-plus years of existence. The NHL's Florida Panthers also played there from 1993-98.

Eventually, the Panthers moved to the BankAtlantic Center in Sunrise and the Heat moved into the newly constructed American Airlines Arena on Jan. 2, 2000.

Attempts to reach Miami Mayor Manny Diaz about Straub's plans were unsuccessful.