Voters in Miami approved a new 100-year lease for the builders of a proposed mixed-use project on the Miami River with the Dream Hotel as its anchor in a low turnout election.
The restaurant and entertainment complex Wharf Miami is currently located on a 1.5-acre city-owned site at 114 Southwest North River Drive. MV Real Estate Holdings, led by Alex Mantecon and Guillermo Vadell, and its partner Driftwood Capital, led by Carlos Rodriguez Jr., can now move forward with their plans to transform the location.
A majority of 34,745 voters approved the referendum, allowing the Miami City Commission to forgo competitive bidding and negotiate the lease with MV and Driftwood.
Voters had approved a deal in 2016 providing Riverside Wharf a 30-year lease with the possibility of two additional 10-year lease terms. MV agreed to construct a 30,000-square-foot entertainment center in exchange for paying the city a minimum of $195,000 in rent each year and spending at least $7 million to rehabilitate public space, including a new riverwalk in front of the construction.
Under the Dream brand, the joint venture plans to construct a $185 million mixed-use development anchored by a 165-key hotel. The 200,000 square-foot Riverside Wharf project, designed by John Cardello of Cube3 architects, would also have 16,000 square feet of eateries, a 12,000 square-foot event hall, a 30,000 square-foot nightclub, a rooftop day club, and 600 feet of river frontage. The new building would house Wharf Miami as a tenant.
MV and Driftwood agreed to pay 50 percent more rent than the city was expected to receive in a previous development proposal that was approved by Miami voters in 2016 in exchange for the new lease and development rights. They also agreed to raise the minimum amount of private investment from $7 million to $30 million.
According to campaign finance disclosures, the developers invested $311,000 in advertising, phone banks, and other voter turnout initiatives. The Riverside Wharf political action committee inundated voters’ mailboxes with pamphlets touting the project in the weeks running up to Tuesday’s primary election.
According to the mailers, Riverside Wharf will generate 600 new jobs and is a “state-of-the-art sea level rise program for future generations.” Before election day, there was not much opposition to the idea.
Because MV and Driftwood drastically altered the scope and size of the development that voters initially approved six years ago, the project—which never got off the ground—needed another referendum.
