Hyatt And Gencom Get Approval For 3-Tower Miami Riverbridge With 64% Of City Voters In Favor

Miami Riverbridge. Credit: Hyatt Hotels Corp., Gencom.

Developers Hyatt Hotel Corp. and Gencom have gotten approval for the redevelopment of the 4.2-acre city-owned site at 400 Southeast 2nd Street in Downtown Miami. The November 8 referendum resulted in 64% of city voters in favor of the three-towered Miami Riverbridge mixed-use development set to replace the aging Hyatt Regency Miami and James L. Knight Convention Center. Designed by Arquitectonica, the project will yield two towers of 61-stories and a 95-story supertall containing over 1,500 residential units, a flagship 615-room Hyatt Regency, 264 branded and serviced apartments 190,000 square feet of Class-A meeting and events space, 20,000 square feet of coworking space, 12,000 square feet of food and beverage/retail space, 50,000 square feet of open public space, 1,100 parking spaces, and a 480-foot-long rejuvenated riverwalk.

Miami Riverbridge. Credit: Hyatt Hotels Corp. & Gencom.

Miami Riverbridge. Credit: Hyatt Hotels Corp. & Gencom.

Below is a statement from the joint venture planning the project, Hyatt and Gencom under the HRM Owner LLC:

“Miami residents have cast their votes, and we’re thrilled with the overwhelming support we’ve earned. Our plans for a privately funded world-class development and transformed riverfront have been embraced by the community, and we look forward to finalizing our lease with the City of Miami.

Once completed, Miami Riverbridge will activate the Miami riverfront, improve access and walkability, and meet growing demand for housing, hotel rooms, and meeting space in Downtown Miami. The redevelopment is also expected to create as much as $1.5 billion in additional revenue in city taxes, fees, and ground rent to help fund citywide priorities over the term of our lease. The joint venture expects to also contribute an additional $25 million to fund affordable housing in the City.

Miami voters weighed these benefits against the status quo and overwhelmingly voted to usher in these privately funded improvements.”

Miami Riverbridge. Credit: Hyatt Hotels Corp. & Gencom.

Below are 10 reasons outlined by the Miami Riverbridge team prior to the referendum to vote in favor of the project.

  1. Miami Riverbridge will include 50,000 square feet of new outdoor public green space – perfect for families, pedestrians, and nearby residents.
  2. A newly created 480-foot-long section of the Miami Riverwalk will be open and accessible to the public, creating a riverfront amenity for Downtown residents and a destination for all.
  3. Hyatt and Gencom will make a $25 million contribution towards affordable housing in the City of Miami, helping to alleviate one of the community’s biggest challenges.
  4. 1,500 new apartments will cater to local residents, meeting the rising demand for housing in Miami.
  5. Miami Riverbridge, over the term of the lease, will contribute more than $1.5 billion in city taxes, fees, and ground rent that can be invested in City-wide infrastructure improvements, resiliency measures, and community enhancements.
  6. Reimagining the Hyatt Regency Miami site will create better access in and out of Miami’s urban core by easing traffic and congestion on surrounding streets and improving the pedestrian experience.
  7. The project’s construction will create 4,500 jobs, while the number of permanent jobs post-construction will more than double from 350 to about 900.
  8. Completely redesigned Hyatt Regency Miami hotel with 615 guestrooms and 264  branded serviced apartments that will keep pace with Miami’s thriving tourism market.
  9. 190,000 square feet of Class A meeting and event space will further position Miami to attract major conferences and events from around the world.
  10. Miami Riverbridge will be entirely funded with private dollars – without a single penny of taxpayer funds.

Miami Riverbridge. Credit: Hyatt Hotels Corp. & Gencom.

Site Plan – Miami Riverbridge. Credit: Hyatt Hotels Corp. & Gencom.

The approval will result in an extension of the ground lease between the city and developers for 99 years. The developers aim to arrange financing by the end of 2023 or the first quarter of 2024. Construction is projected to commence in 2025, with the first two towers to be delivered by Q3 of 2028, and the third tower in Q3 of 2029. Construction costs are estimated to reach over $1.5 billion.

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