Dive Brief:
- The Miami City Commission voted 5-0 on Thursday to approve a lease agreement between the city of Miami and the joint venture led by Hyatt and Florida-based investment firm Gencom for Miami Riverbridge, a mixed-use project in downtown Miami.
- The privately funded project will redevelop a portion of the riverfront downtown, adding open-air public space along the Miami River, as well as expand and revamp the Hyatt Regency Miami.
- The development is designed to meet growing demand for housing, hotel rooms and meeting space in the area, with downtown Miami currently attracting 6 million visitors a year and the neighborhood’s residential apartments approximately 95% occupied, according to the Miami Downtown Development Authority.
Dive Insight:
Last November, Miami voters agreed 64% to approve Miami Riverbridge in a referendum, and the City Commission vote solidified the development’s progress after years of regulatory hurdles. Construction on the site is expected to begin in 2025.
The “reimagined” Hyatt Regency Miami, part of the future Miami Riverbridge, will feature 615 hotel rooms, 190,000 square feet of Class A meeting space and more than 1,500 residential apartments. In addition to revamping the Hyatt Regency, Miami Riverbridge will create a 480-foot pedestrian promenade along the Miami River.
James Francque, global head of transactions at Hyatt, and Phil Keb, on behalf of Gencom, said in a joint statement: “Now that the lease has been approved, we look forward to finalizing construction plans with the City over the coming year.”
Miami Riverbridge will amend and restate the ground lease that made way for the development of the existing Hyatt Regency in the 1980s to include an extension of the lease renewal term from 45 to 99 years. Francque and Keb said they expect it to create as much as $1.5 billion in new revenue for the city through taxes, fees and ground rent over the duration of the lease.
Miami-based Arquitectonica designed the site, which will include three towers offering residents and guests panoramic views of downtown Miami and Biscayne Bay. A skybridge, featuring an upscale restaurant and lounge 700 feet above the city, will connect the towers. One of the towers, which will be dedicated to residences, will reach 1,049 feet, meaning it will be one of the tallest buildings in South Florida when it’s completed.
