Miami Riverbridge Project
Hyatt has teamed up with Miami-based luxury hospitality and residential developer, Gencom, with the goal of redeveloping Downtown Miami’s iconic Hyatt Regency Miami, improving access in and out of the urban core, and activating a key piece of Miami’s riverfront. The Hyatt and Gencom venture is proposing a privately funded redevelopment that will comprise a reimagined upscale Hyatt Regency hotel with 615 hotel rooms and premium meeting space, more than 1,500 residential apartments, and open-air public space along the Miami River.
The proposed development seeks to amend and restate the ground lease that ushered in development of the existing Hyatt hotel in the early 1980s to include, without limitation, an extension of the lease renewal term from 45 to 99 years. This summer, Hyatt and Gencom will ask the City of Miami Commission to place a referendum on the November 2022 ballot asking voters to approve the revised ground lease and the proposed development. If approved by a majority of voters, construction on the Hyatt Regency Miami site is expected to begin in 2025.
In reconfiguring the existing site, the venture plans to improve access in and out of the property. A large arrival and drop-off area within the development’s footprint will alleviate vehicular congestion on surrounding streets. The development will complete a key portion of the long-anticipated Miami Riverwalk, creating a riverfront promenade spanning more than 480 feet in length. These improvements will create seamless connectivity with Biscayne Bay and Bayfront Park to the east, as well as the Metromover’s Riverwalk station to the west. An improved pedestrian bridge will offer residents, guests, and meeting attendees direct, covered connectivity to the Metromover’s Knight Center Station. Four zones within the site will be designated for bike parking. Additionally, the team is exploring further activation of a ferry dock along the riverfront which is presently used by a water ferry service between Downtown Miami and Miami Beach.
The MiamiI Riverbridge Redevelopment consist of:
480-foot long rejuvenated Riverwalk
3 new towers with a 615-room flagship new Hyatt Regency hotel
Flexible new meeting spaces that will meet the future needs of the local community and visiting conferences
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
During a city commission meeting on July 29, 2022, the Commission voted in favor of this project after much discussion and feedback, you can watch the video here.
The voter referendum will go to a vote in the November elections. If approved, construction would begin in early 2024, with a portion of the project competed in 2027 and the remainder in 2028. To learn more click on the video below.
