Miami Riverbridge mega-project to start with two towers

Detailed planning and design continues moving forward for what is being called a transitional mixed-use residential project on the bank of the Miami River, just west of Biscayne Bay.

Miami’s Gencom reports progress to fine-tune the sweeping plans for Miami Riverbridge, which will take the place of the James L. Knight Center and Hyatt Regency hotel on the Miami River.

Miami Riverbridge is a 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.

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 numerous plans to renovate the four-acre site but none came to fruition.

In November 2022, 64% of city 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.

In June 2024, the city’s Urban Development Review Board unanimously recommended approval of the Miami Riverbridge project.

The successful proposal offers a set of towers, to be linked at the top by a sky bridge featuring an upscale restaurant and lounge perched 700 feet over the city, offering residents and hotel guests panoramic views of downtown Miami and the waterfront.

In an email to Miami Today this week, a representative of Gencom said planning and design for Phase One is estimated to be completed in 2026.

The development team said: “Miami Riverbridge remains a transformational, privately funded development that would come alive in phases. Following overwhelming public support of the project in a 2022 voter referendum and the Miami Commission’s unanimous approval in 2023, we have been engaged in a thorough planning and design process in an effort to ensure Miami Riverbridge delivers maximum benefits to the public while meeting market demand.

“After our design planning, we now have a clearer picture of how Miami Riverbridge will be developed, starting with two initial towers with a mix of hotel rooms, premium meeting and event space, retail, and luxury rental apartments. We expect phase one will also include the new public green space along the Miami River and an enhanced Riverwalk, which continues to be a focal point of the project,” it said.

The company concluded, “Altogether, this development will advance our goal of activating Downtown Miami’s waterfront, improving access and walkability in the area, unlocking new revenue for the City of Miami, and meeting demand for housing, hotel rooms, and meeting space.”

Project architect is Arquitectonica.

Key project points:

■200,000 gross square feet of Class A meeting and events space.

■615 guestrooms in a Hyatt Regency hotel and a second branded hotel experience.

■About 700 apartment rental units.

■50,000 square feet of newly created outdoor public space.

■Completion of a 480-foot-long section of the Miami Riverwalk.

■$25 million contribution to the City of Miami for affordable housing and 15 affordable apartment units at 60% AMI onsite.

■The project is expected to generate as much as $1.5 billion in new revenue for the City of Miami through city taxes, fees, and ground rent that can fund citywide priorities over the term of the 99-year lease.

The property is along the north bank of the Miami River in the heart of the city’s urban core, fronting on Southeast Second Avenue and beside the Brickell Avenue Bridge.