Miami Riverbridge Development Approved
The lease between the City and the joint venture led by Hyatt and Gencom was unanimously authorized by the Miami City Commission with a vote of 5-0. This choice represents an important step forward for the ambitious Miami Riverbridge project at 400 Southeast 2nd Street, paving the way for the revitalization of Downtown Miami's riverside area.
The agreed lease deal opens the door for joint initiatives between Hyatt and Gencom to improve accessibility, encourage walkability, and bring a variety of offerings to the bustling city. The joint venture may now go forward with finalizing the construction plans in close collaboration with the City thanks to this significant endorsement.
The Miami Riverbridge project has already had resounding public support, garnering an amazing 64% of voters' approval in the November election. This broad acknowledgment of the project's transformative potential emphasizes its significance to the local community and visitors alike, sparking excitement for Downtown Miami's future.Riverbridge in Miami. Credit: Gencom and Hyatt.
Both Phil Keb and James Francque, speaking on behalf of Gencom and Hyatt respectively, acknowledged how grateful they were that the City Commission had approved the lease. They reaffirmed their steadfast dedication to bringing about a great development that satisfies the community's ambitions while also making a major contribution to Miami's economic development.
Now that the leasing arrangement is finalized, the Miami Riverbridge project can move forward, realizing the riverfront's full potential and creating a vibrant urban environment. The joint venture's goal is to accommodate the rising demand for homes, hotel rooms, and event venues while also bringing in a sizable sum of money for the City in the form of taxes, fees, and ground rent.
Three towers affording residents and hotel visitors sweeping views of Downtown Miami and Biscayne Bay are part of the site's plans, which were created by Miami-based Arquitectonica. 682 multifamily apartments, a 615-room Hyatt Regency with more than 100,000 square feet of conference space, and 264 serviced apartments will be housed in Towers One and Two, which will rise 61 stories. A Skybridge with an upscale destination restaurant and lounge positioned 700 feet above the city will connect the towers at their highest point. Tower three will rise 1,049 feet in the air and contain 860 residential apartments, making it one of the tallest structures in South Florida.
