Wharf Miami site to become dream hotel with two towers
Miami developer partners with Driftwood Capital to develop Dream Hotel-anchored hotel and entertainment complex on site of popular Wharf bar and event venue along the Miami River.
Miami city voters approved a deal in 2016 that gave MV Real Estate Holdings, run by Alex Mantecon and Guillermo Vadell, a long-term lease for half of the site. MV also owns the other half. The assembly is in an opportunity zone.
The project, called Riverside Wharf, is expected to feature two 10-story buildings with a 165-key Dream Miami hotel. It will also offer dining, drinking and entertainment venues, including an enlarged and new version of the dock, amenities, a deep-water yacht marina and a public promenade on the river, according to a statement.
MV Real Estate Holdings enlisted its partner, Driftwood Capital, based in Coral Gables, to develop the 1.5 acre Miami River property at 114 Southwest North River Drive. Nitin Motwani, developer of Miami Worldcenter and managing partner of Merrimac Ventures, is also a general partner in the project, Mantecon said.
Dream has a long-term deal with the developers for the brand and management of the hotel, as well as several restaurant concepts, said Jay Stein, CEO of New York-based Dream Hotel Group.
The developers expect to seek approval for the project from the Miami River Commission in January and then the Miami City Commission, according to Mantecon of MV Real Estate Holdings.
The 200,000 square foot project is expected to include 16,000 square feet of restaurants, a 12,000 square foot reception hall, a 30,000 square foot nightclub and rooftop nightclub, and 600 feet of river frontage. It is designed by John Cardello of Cube3 Architects with landscaping by Savino-Miller Design Studio.
The Garcia Fish Market could also open a pop-up market on the property. The site previously housed its commercial fishing operation.
Mantecon said it plans to inaugurate the land by the end of next year and complete the project in 2025. Since voters approved the lease with the city, the project has taken off. scale, Mantecon said, and the city’s annual rent will surpass the original numbers.
Developers will take advantage of the site’s Zone of Opportunity status, Mantecon said, citing Driftwood’s experience in development in federally designated areas.
The hotel will be located in one building and will have a roof of approximately 10,000 square feet, and the entertainment complex will be in the other building with a roof of 30,000 square feet, said Stein of Dream Hotel. The two roofs will be connected by a bridge.
Stein called the project “so unique and so rare”, especially because of its proximity to the city center and the marina component.
Development accelerated along the Miami River. Chetrit Group recently secured a $ 310 million construction loan for its $ 1 billion mixed-use mega-development planned for a waterfront site on the southern shores. Developer Harvey Hernandez is also planning a three-tower project along the river. The largest project completed to date is River Landing Shops & Residences, with multi-family buildings, offices and retail.
Dream Hotel Group has around 20 projects underway, with at least three properties slated to open next year in New York City, Belgium and the Middle East, Stein said. In South Florida, he has Dream South Beach at 1111 Collins Avenue in Miami Beach.