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Front Page » Real Estate » Public-private Riverside Wharf heads for groundbreaking

Public-private Riverside Wharf heads for groundbreaking

Written by on February 22, 2022
  • www.miamitodayepaper.com
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Public-private Riverside Wharf heads for groundbreaking

A major mixed-use project, Riverside Wharf, is on schedule to break ground this year in downtown Miami and open in 2025.

Everything has been on track and moving forward since the project launched at the end of 2021, said the developer in an email to Miami Today.

In December, Miami developer Alex Mantecon of MV Real Estate Holdings (MVREH), in conjunction with Driftwood Capital, a hospitality sponsor, announced the Riverside Wharf, a hospitality-driven entertainment complex along the historic Miami River.

The ambitious development is a public-private partnership involving the City of Miami.

MVREH originally planned to announce this project in May 2020 and decided to push back that timeline because of the state of the hospitality and entertainment industries due to Covid-19.

“As with many other developers and business owners in our industry, we decided in the spring of 2020 to push back the initial timeline for announcing Riverside Wharf, which was originally planned for May 2020,” said Mr. Mantecon in the email.

“Since we officially launched the project, there was a provision in our lease that needed to be updated, which the city commission approved last month. We are full steam ahead and on track for Riverside Wharf’s scheduled delivery in 2025, as we announced in December.

“The City of Miami has been a wonderful partner throughout the entire process and we couldn’t be more excited to bring this project to the Miami residents and voters who helped make this happen,” he said.

The site of the future Riverside Wharf is owned by the city and was leased to Riverside Wharf LLC. The city charter requires lessees to obtain a building permit by four years after the effective date of the lease.

Riverside Wharf LLC’s lease began on May 16, 2017, and therefore the four-year deadline to obtain the permit ended in May 2021 – seven months before the project was formally launched – and needed to be extended.

In January, the city commission extended the deadline for obtaining the permit.

Riverside Wharf is to be a 200,000-square-foot, two-tower development anchored by a 165-room Dream Miami luxury hotel.

The complex is to feature the rebirth and expansion of The Wharf Miami, 16,000 square feet of restaurants, an event hall, a 30,000-square-foot nightclub and rooftop day club, and a private marina capable of accommodating megayachts.

The 10-story, $185 million mixed-use development is to rise on the current site of The Wharf Miami, south of the First Street bridge.

The 1.5-acre assemblage is the culmination of the vision established in the city’s 2016 voter referendum approval for the development of food and beverage establishments along the waterfront.

Mr. Mantecon says the announcement of the project has attracted plenty of attention.

“We are extremely excited about the national attention Riverside Wharf has received upon its launch and are grateful to have the support of our amazing partners in bringing this world-class entertainment district to the heart of the Miami River,” he wrote.

The developer offered new details about the sweeping project, including:

■There will be two buildings designed to look like one, with entertainment, food, and beverage in one building and the hotel in the other. The intention behind the separate buildings is to control the noise level for hotel guests. Wharf Miami will occupy the ground floor across both buildings.

■The hotel’s main lobby and some amenities will be on the second floor, and the hotel will have a rooftop pool.

■Above The Wharf, the other building will have restaurants on the second floor. Double-height, 28-foot ceilings will give each level a spacious feeling, with balconies overhanging the water. Above the restaurants, there will be a ballroom for events like weddings and parties, and at the top will be a nightclub and a rooftop day club.

■At a Garcia’s Fish Market on the ground floor, fishermen can unload their catch, which will provide fresh seafood to the food and beverage establishments on site and to the public.

  • www.miamitodayepaper.com
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