Voters in Miami gave the green light to a 3-tower project known as Miami Riverbridge.
In a referendum yesterday, 64% of voters were in favor of a deal with developers Gencom and Hyatt.
Gencom and Hyatt released a statement after the vote:
“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 will include three towers:
- 95 stories (1,049-foot supertall)
- 61 stories
- 61 stories
The combined project will have:
- 1,806 apartments (including 264 serviced apartments)
- 615-room Hyatt Regency hotel
- 190,000 square feet of Class A meeting space
- 20,000 square feet of coworking space
- 12,000 square feet of food and beverage/retail in the podium
- Destination restaurant and lounge perched 700 feet over the city, located in a skybridge linking the two shorter towers
- 50,000+ square feet of new public space
- Rebuilt riverwalk spanning 480 feet, completing a key missing connection
- Covered pedestrian bridge connection to Metromover’s Knight Center Station
- 1,100 parking spaces
Total project cost is estimated at $1.7 billion
Arquitectonica is the architect.
Here are 10 benefits of the project, according to the developers:
- Miami Riverbridge will include 50,000 square feet of new outdoor public green space – perfect for families, pedestrians, and nearby residents.
- 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.
- 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.
- 1,500 new apartments will cater to local residents, meeting rising demand for housing in Miami.
- 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.
- 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.
- 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.
- Completely redesigned Hyatt Regency Miami hotel with 615 guestrooms and 264 branded serviced apartments that will keep pace with Miami’s thriving tourism market.
- 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.
- Miami Riverbridge will be entirely funded with private dollars – without a single penny of taxpayer funds.
“This is an opportunity to rethink the way people will access this site over future decades – by foot, bike, rail, car, and boat, said Bernardo Fort Brescia of Arquitectonica. “Our vision improves the flow in and out of Downtown and creates vital public space along the Miami River, which is growing in importance as more people live, work, and spend time in the neighborhood.”
In Miami Beach yesterday, voters rejected a zoning increase for the Deauville Resort property, where Dolphins owner Stephen Ross planned two towers by architect Frank Gehry.
Miami Beach voters also rejected deals with two developers for mixed-use projects near Lincoln Road.