Hyatt Regency riverfront developers negotiate with Miami

Gencom, a real estate and development firm, will now negotiate with the City of Miami to build a reimagined riverfront downtown following voters’ approval of a Nov. 8 referendum to amend the lease of city-owned waterfront where the Hyatt Hotel sitsYatt Hogtl sits.

“We’re thrilled with the overwhelming support we’ve earned. Our plans for a privately funded world-class development and transformed riverfront have been embraced by the community, and we look forward to finalizing our lease with the City of Miami,” said Aaron Gordon, publicist for Gencom, when company comment was sought.

More than 64% of voters OK’d the ballot measure to extend the existing Hyatt lease with HRM Owner LLC at 400 SE Second Ave., which includes the adjacent Knight Center property, for 99 years. Miami’s charter requires that sale or lease of waterfront property owned by the city be authorized by voters.

This comes as part of a $1.5 billion privately funded redevelopment plan called Miami RiverBridge, a mixed-use project to include a modern, upscale Hyatt hotel, convention and meeting spaces, multi-family housing, and retail space.

Phil Keb, an executive with Gencom, said once the project is approved by voters, the firm will negotiate the final ground lease, complete design work and cost estimates, and arrange financing by the end of 2023 or the first quarter of 2024.

HRM Owner LLC, a partnership between Hyatt Hotels Corp. and Gencom real estate investment and development firm, said the riverfront revival is expected to rise within five years. The first two towers are due by the end of 2028, and the third by the end of 2029.

The reimagined Hyatt Regency is to feature 615 high-end hotel rooms and more than 1,500 residential apartments. Anticipated benefits from the Miami RiverBridge project include 50,000 square feet of new outdoor public space, better access in and out of the city’s urban core to ease traffic congestion and improve the pedestrian experience, and a contribution of $25 million to support affordable housing within the city.

HRM Owner LLC predicts the project will provide 4,500 construction jobs and the number of permanent jobs post-construction will rise from 350 currently to nearly 900.