Voters Will Decide On Riverside Wharf, Convention Center Hotel Today

Riverside Wharf is being put before Miami voters today.

The ballot language:

Proposed lease of city-owned waterfront lands on the Miami River
Shall the City be authorized to lease approximately 0.73 acres of waterfront land on the Miami River to Riverside Wharf LLC, providing for 1) $195,500.00 of minimum guaranteed annual rent, and 2) an investment of approximately $7 million in privately funded improvements including the construction of restaurants and the continuity of the public Miami Riverwalk, for a thirty (30) year term with two (2) ten (10) year renewal options?

The $30 million project is proposed to be built on a mix of public and private land, and will include 58,000-square-foot complex of restaurant space. Garcia’s fish market is now leasing the land from the city, and the developer will keep them as a tenant in the new project.

Next to the site, Melo Group is building another restaurant complex that will include a Sushi Samba. If both are built, the River Walk would be extended in the direction of Beckham’s soccer stadium.

In Miami Beach, a convention center hotel is being voted on (it must pass a 60% threshold):

Referendum Re: Approval of City’s Lease of City Property for Convention Center Hotel
Should City lease 2.65-acre property at northeast corner of 17th Street and Convention Center Drive to Portman Miami Beach LLC for 99 years, requiring, per Resolution 2015-29115:
• Construction/operation of privately-funded 800 room Hotel with 288 foot height limit, connected to Convention Center via pedestrian Skybridge,
• No gambling,
• Rent to City after Hotel opens, including greater of: minimum rent ($12,373,785 over first ten years,
adjusted thereafter) or percentage of Hotel’s revenues annually?

Referendum Re: Use of Rent Payments Received by City from Convention Center Hotel Lease
If voters approve City’s Convention Center Hotel lease, shall City adopt an ordinance dedicating all rent payments received by City to enhance funding (not replace or substitute for current City funding), in equal proportions annually for the term of lease, for: mass transit and traffic reduction, pre-k through 12 education, stormwater projects (in lieu of rate increases), and undergrounding electric utilities, with any amendment/repeal of such ordinance subject to voter referendum approval?

 

mbcc hotel: