Hyatt Wants Voter Referendum On Downtown Redevelopment, Announces Joint Venture Partner

Hyatt has selected a partner to redevelop its Downtown Miami Hyatt Regency into a “world-class” mixed-use project, the company announced.

Miami-based investment firm Gencom was selected out of a group of multiple other potential developers for a 50% partnership, Hyatt said.

The Hyatt Regency sits in a prime location on the Miami River next to the Brickell Bridge.

Hyatt’s site is directly across the river from Related Group’s 75-story Baccarat Residences,  planned as part of a three-tower project at 444 Brickell.

Hyatt and Gencom’s new project will include one or more Hyatt branded hotels, along with either retail, multi-family housing, or both.

In the meantime, funding from Gencom will go towards refurbishing the existing hotel.

Gencom and Hyatt say they will spend “material amounts of money” to develop a proposed plan of redevelopment for consideration in a referendum, and negotiate an amended and restated ground lease with the City to facilitate the redevelopment project.

If the redevelopment is not able to achieve specific milestones within a certain amount of time, the partners will shift to a major renovation of the existing Hyatt Regency hotel, and will seek the participation of the city in a renovation of the attached convention center.

If neither the redevelopment nor the renovation move forward, a modest improvement plan to the hotel will be implemented.

Hyatt is now seeking commission approval to add a Gencom affiliate to the existing ground lease on the city-owned land. A commission vote is scheduled for October 28.

 

(photo: Phillip Pessar)

 

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Anonymous
1 month ago

The facilities clearly need to be upgraded and it doesn’t make sense to renovate – full teardown and bottom up redevelopment is needed and the sooner the better, otherwise a simple bandaid that will need to be torn off in a few shirt years is simply short-sighted. Another major issue that needs to be addressed is the traffic congestion as the intersection directly in front of this project is a cluster especially when the bridge goes up (and stop raising the bridge at 5pm!). Maybe there will be a tunnel in the future and any redevelopment will need to incorporate that.

Azarius
1 month ago

But if they can’t get anyone to buy into that idea as well as take on the traffic issues and the county for the convention center. That’s a lot of options when you have to put up money

Anonymous
1 month ago

They need to tore down and redevelop YVE and Holiday Inn downtown. I feel like I can catch an STD just by looking at them.

Anonymous
1 month ago

😂😂😂😂😂😂

Anonymous
1 month ago

I agree about the Holiday Inn Express, especially if the World Trade Center of the Americas comes back to life. However, the YVE Hotel and former Miami Chamber of Commerce building behind it should be restored to their 1920s appearances and made into a boutique hotel.
https://miami-history.com/miami-colonial-hotel/

Anonymous
1 month ago

Since when do buildings need a referendum to be demolished and rebuilt?

Adrian
1 month ago

Maybe the city owns it ? idk seems weird tho

MiamiArchi
1 month ago

They Hyatt was built on city property with a Lease. I forget when the lease ends but its in like a decade or two.
They are trying to get approval for a new Project with a 90 Year Lease Extension.
Any public property being used / leased to a private industry needs voter approval.
Example is the Voter referendum for the land where Miami’s Building Department is on the River.

Anonymous
1 month ago

When it is City Owned and waterfront.

Anonymous
1 month ago

Other than the Four Ambassadors, this is probably the worst prime-location eye sore in the area. I wish somebody would level them ASAP.

Anonomer
1 month ago

such an eyesore in a premier location

Anonymous
1 month ago

this will take 25 years to iron out……..too bad

POLO
1 month ago

Long term project here. It probably will become a reality in the 2030s.

Anonymous
1 month ago

Definitely fix the traffic flow issues. This building can cause a lot of problems when there are events!

Anonymous
1 month ago

Do it!

Anonymous
1 month ago

That is one ugly building.
Don’t know how many times I’ve passed by and yet never stopped to look at it.
Talk about horrible design

Anonymous
1 month ago

I know many are not drawn to the 70’s brutalist aesthetic, but there have been a number of projects in recent years which, through adaptive reuse, transform them into something else entirely. With new landscaping, lighting, and signage, as well as removing large concrete walls and replacing them with glass curtain walls, these buildings can actually achieve a really cool aesthetic.

Two Examples:

https://www.dezeen.com/2021/02/19/mvrdv-pyramid-of-tirana-albania/

https://www.dezeen.com/2020/09/26/salters-hall-brutalist-architecture-open-house-london/

Anonymous
1 month ago

How much will this cost, I’m thinking this maybe one of the more expensive ones given its location and size.

Anonymous
1 month ago

you know what would alleviate traffic there on brickell avenue. Building a flyover pass for Brickell Key residents around SE 8th Street. Those southbound motorists making a left there are the reason traffic is horrible. Not so much the Brickell Ave drawbridge going up.

Anonymous
1 month ago

This won’t go anywhere

Anonymous
1 month ago

Wait for an awe-inspiring rendering, and get a bait in switch for something half-assed and mediocre, like Riverside Center. At least the Hyatt Regency was cutting edge when it was built.

Anonymous
1 month ago

and*

Anonymous
1 month ago

#declarethehyatthistoric

Anonymous
1 month ago

Heh!