Wharf Miami Riverfront Dream Hotel Project Heads To August Voting
Voters will decide whether a joint venture between MV Real Estate Holdings and Driftwood Capital can move forward with a mixed-use project anchored in Dream Hotel along the Miami River.
The Miami City Commission on Thursday authorized City Attorney Victoria Mendez to draft an amendment to the city’s charter that residents will vote on in a special election on Aug. 23.
If approved, the proposed amendment would allow developer Riverside Wharf LLC to build a hotel on property previously approved by voters for a $30 million restaurant and entertainment complex, which is now home to Wharf Miami. The commission would also be authorized to waive the call for competition and negotiate a 50-year lease extension with the developer.
Riverside Wharf, an entity run by MV Real Estate Holdings directors Alex Mantecon and Guillermo Vadell, recently partnered with Driftwood Capital to add a 165-key hotel to the proposed mixed-use project, which will now cost $185 million to build. dollars. Also called Riverside Wharf, the development would be built on the 1.5-acre Wharf Miami site at 114 Southwest North River Drive.
The project would consist of two 10-story buildings, including the Dream Miami hotel, as well as food, drink and entertainment venues that include a new, expanded version of Wharf Miami. The developers would also build a deep-water marina and a public river promenade, according to a statement.
Designed by John Cardello of Cube3 Architects, Riverside Wharf would span 200,000 square feet with 16,000 square feet of restaurants, a 12,000 square foot event venue, a 30,000 square foot nightclub and a rooftop nightclub , and 600 feet of frontage on the river.
In 2016, voters approved a deal giving Riverside Wharf a 30-year lease with an option for two 10-year extensions. The developer has agreed to pay a minimum annual rent of $195,000 to the city, as well as spend at least $7 million on public land improvements, including a new river boardwalk in front of the development.
Riverside Wharf would join a list of other major developments planned for the Miami River. River Landing Shops & Residences, a multi-family office and retail complex, is the largest project to date.
In September, developer Harvey Hernandez paid $50.5 million for a waterfront site near downtown Brickell, where he plans a three-tower residential and marina project. And Chetrit Group recently secured a $310 million construction loan for its planned $1 billion mixed-use mega development for a waterfront site on the South Bank.