Three-tower Miami Riverbridge wins river commission backing

After hearing the latest plans from the developer of the Miami Riverbridge, the commission tasked with coordinating projects along the downtown waterway is recommending approval of the project to the city.

On March 4, the Miami River Commission reviewed several real estate projects slated for the area, starting with details of the Miami Riverbridge, a massive three-tower, mixed-use venture that aims to revitalize the riverwalk with a modernized Hyatt hotel, residential apartments and an improved public promenade with green space along the water.

According to the plans presented before the commission and designed by Miami-based Arquitectonica, Miami Riverbridge will feature 1,342 multifamily units, a 615-room Hyatt Regency with 264 serviced apartments, 100,000 square feet of commercial space and 1,180 parking spaces.

Phase one includes Towers One and Three. Tower One is planned to soar 62 stories and reach a height of 734 feet and will house the new Hyatt hotel and serviced apartments.

Tower Three will contain most of the residential units over its 87 stories that climb to 1,044 feet, making it one of the tallest buildings in South Florida.

Tower Two, scheduled to be built in the project’s second phase, will have 52 stories and include one residential lobby and a leasing office.

The towers will be linked at the top by a sky bridge featuring an upscale restaurant and lounge perched 700 feet over the city that will offer residents and hotel guests panoramic views of downtown Miami and Biscayne Bay.

After hearing the plans, the Miami River Commission unanimously voted to recommend approval of the project to the city. Representatives from the developer, HRM Owner LLC, said during the meeting that permitting for the project is anticipated to be finished by summer 2025 with construction beginning two months after and completion by the end of 2029.

Miami initially entered a long-term lease with Hyatt for the city-owned waterfront property at 400 SE Second Ave. in 1979. For years, officials have considered plans to renovate the four-acre site.

In November 2022, 64% of voters approved a referendum to extend the Hyatt lease with HRM Owner LLC, a joint venture between Hyatt Hotels Corp. and Miami-based luxury hospitality and residential real estate firm Gencom.

The city commission unanimously approved the amended lease in July 2023, paving the way for Miami Riverbridge to rise at the property.

The annual construction rent schedule is $1 million for year one, $1.25 million for year two, $1.5 million for year three, $1.75 million for year four and $2 million for year five. After the construction rent period closes, the minimum annual base rent paid to the city must equal $2.5 million or 2.5% of gross revenues. The rent is subject to annual increases thereafter.

Other monetary benefits to the city include a $25 million contribution from the developer to the city’s affordable housing fund.

According to HRM Owner LLC, the project will create about 4,500 construction jobs and the number of permanent jobs post-construction will more than double from 350 currently to nearly 900.

After construction begins in 2025, the riverfront revival is expected to rise within five years, with the first two towers due by the end of 2028 and the third by the end of 2029.