Hyatt Hotels and Miami-based developer Gencom unveiled plans this week to transform the waterfront site of the Miami Hyatt Regency into a massive luxury mixed-use project.
The proposal, designed by Arquitectonica, features three skyscrapers. One tower will hold a Hyatt hotel, featuring 615 rooms and 264 serviced apartments. The two others will function as residential buildings, housing 1,542 rental apartments in total.
The three structures will sit atop a podium that will have 190,000 square feet for large gatherings such as conferences, 12,000 square feet for retail, 20,000 square feet for coworking offices and 1,100 parking spots, according to the joint venture. The project will also include a 50,000-square-foot public park, portions of which would face the Miami River.
The current development, located at 400 SE Second Avenue adjacent to Brickell Avenue, was built in 1982 through a city-approved ground lease. It holds the James L. Knight Center theater and a Hyatt hotel, both of which will be demolished if the proposal is approved.
“Our team’s privately financed upgrades will help ensure the Hyatt hotel site remains a critical economic engine for decades to come,” Phil Keb, executive vice president of development at Gencom, said in a statement.
Back in 2018, Hyatt proposed another redevelopment project that never got underway. With the current ground lease set to expire in 2027, the joint venture is seeking to extend the lease from 45 to 99 years.
To secure approvals for the project and the revised lease, the Miami City Commission must first OK the plans. Afterward, Miami voters would have the final say when the proposal is placed on the ballot this November.
If approved by a simple majority, construction would commence in 2025 and take about four years to complete, according to a spokesperson for the joint venture.
Source: Commercial Observer