Riverside Wharf heading for City of Miami lease

City of Miami voters have granted overwhelming approval to advance a vast mixed-use downtown project that will add a luxury hotel and a site lease for up to a century.

At a special election Aug. 23, voters approved a proposal to allow the development of Riverside Wharf, a $185 million hospitality-driven entertainment complex on the Miami River.

The proposal is to allow an amended lease of city-owned property to Riverside Wharf LLC, a company that also controls an adjoining private property.
On election day, 60.12% of those voting, or 20,910, voted yes and 39.88% voted no, 13,872.

“We want to give a heartfelt thank you to everyone in Miami. We are deeply grateful for everyone’s tremendous support and couldn’t be more excited to transform the Miami River District into the world-class entertainment destination it always had the potential to be,” said Alex Mantecon, co-developer of Riverside Wharf and co-founder of Breakwater Hospitality Group.

“Riverside Wharf is designed to be the anchor in entertainment and hospitality for the Miami River District and Downtown Miami. It is carefully curated by deep-rooted Miami locals that have a passion for entertainment and service in order to achieve an iconic building with world class venues that will ultimately redefine the standards for nightlife, entertainment, restaurants and hospitality,” Mr. Mantecon said.

Developed by MV Real Estate Holdings in conjunction with Driftwood Capital and Merrimac Ventures, Riverside Wharf is to be a 10-story, 200,000-square-foot project.

The developers promise the new venture will be the defining development for Miami’s Downtown core as a city-within-a-city all-encompassing destination for entertainment, dining and hotel accommodations.

It will encompass a 30,000-square-foot nightclub and rooftop dayclub, a 12,000-square-foot event hall and mezzanine, as well as the rebirth and expansion of The Wharf Miami, with 16,000 square feet of restaurants and a private marina capable of accommodating megayachts.

Planning to break ground in the second quarter of 2023, it is also to feature a 165-key Dream Miami luxury hotel.

The developers say they will construct a new public riverwalk along the development site as well as a state-of-the-art sea level rise initiative that will include building a new seawall.

The project also will pay homage to the neighborhood’s historic fishing culture by providing a pop-up Garcia’s Fish Market on the grounds, said the company.

The Wharf Miami will temporarily close operations once construction starts and will open as a permanent venue as a part of the new development.
In December, MV Real Estate Holdings, along with Driftwood Capital, announced details of Riverside Wharf.

The public-private partnership involves the city, which owns a site on the river’s east bank and leases it to Riverside Wharf LLC.

The city charter requires the sale or lease of city-owned waterfront property must be approved by voters.

The public-private partnership first went before voters in 2016. They then approved a plan for a complex of four riverfront restaurants and event spaces and a fish market and oyster bar to be run by Garcia’s Seafood, along with a new portion of riverwalk.

The original lease was for 30 years with two options to renew for 10 years each, for a total of up to 50 years.

If approved by the city and developer in a final lease, the move will add 50 more years to the lease and permit the Wharf to build a hotel at its expense.

The new lease is also to mean more money to the city by increasing the base rent and the total private investment amount for the overall development.

The new lease would increase the base rent by 50% or to fair market rent, if greater.

Last week’s vote authorizes the city commission, by a four-fifths vote, to waive competitive bids and authorize the city manager to negotiate an amendment to the original lease with Riverside Wharf LLC to lease and develop city land at 236 and 298 SW North River Drive.

Jacqueline Lorenzo, with the city’s Department of Real Estate & Asset Management, said the increase in the base rent would have the tenant paying about $330,000 a year.

The new deal is to increase private investment in the property from $7 million to $30 million.