In Edgewater, developer Richard Meruelo is working on a mixed-use project that is said to be just months away from starting construction.
It will include hotel, retail and residential use, possibly jump-starting an area that can feel sketchy much of the time.
Meruelo’s Rebuild Miami-Edgewater, LLC purchased the 7.35-acre site in January for $64 million. Located at the intersection of NE 2nd Avenue and NE 17th Street, it is zoned for up to 3 million square feet.
Previous owners of the site had planned a vertical big-box retail center called Bayview Market. Those plans were scrapped during last decade’s market crash.
The new project will include a Vib, which is a boutique hotel brand recently created by Best Western. The 10-story, 200-room hotel will break ground in November 2015.
‘The site where we are developing Vīb is an eclectic neighborhood full of art studios, hip restaurants, and independent shops and is home to Miami’s famous festival, Art Basel. Our family has been involved in developing and investing in Miami for many years and we view this project as an example of our continued commitment to investing in our communities. This project will add to the vibrancy of the Arts and Entertainment District and be a boost to the local economy,’ Meruelo said in a statement.
Best Western’s VIB brand aims to compete with Starwood’s Aloft and Element, and IHG’s Indigo brand. Miami and Chicago are the two first locations in North American for Vib.