Hyatt, developer gain approval to build mega skyscrapers in Miami

Posted on 21 June 2024 by South Florida Business Journal

A Miami board approved three proposed high-rises of up to 1,044 feet tall, to be built where the James L. Knight Center now stands.

Called Miami Riverbridge, the project will be built by Hyatt Hotels Corp. (NYSE: H) and Miami-based Gencom, led by principal Karim Alibhai, on a 4-acre city-owned parcel at 400 S. Second Ave. where the 615-room Hyatt Regency Miami and the 4,500-seat James L. Knight Center – both built in 1982 – now stand.

It was unanimously approved by the city’s Urban Development Review Board on June 20, a spokeswoman for the developers said, and is slated to break ground in 2026. The project is slated to open in 2030, she added.

Designed by Arquitectonica, Miami Riverbridge will consist of 1,342 multifamily apartment units, a new 615-room Hyatt Regency, 264 serviced apartments managed by Hyatt, 100,000 square feet of commercial space and 1,180 parking spaces. The apartments and hotel rooms will be housed in three towers linked by a sky bridge with an upscale restaurant and lounge, the developers’ spokeswoman said.

The apartments will be divided between Tower Two and Tower Three. The tallest of the skyscrapers, Tower Three, will rise 1,044 feet, or 87 stories. Tower Two will be 52-stories, or 636 feet tall, and include a residential lobby and leasing office, the spokeswoman said.

Tower One will be 62 stories, or 734 feet tall, and include the new Hyatt Regency and Hyatt’s managed apartments, she added.

If built, Tower Three will be the tallest building in Florida. The 868-foot-high Panorama Tower on Brickell Avenue is currently the tallest skyscraper in the Sunshine State, although there are several other projects proposed in Miami that would surpass that height. In November 2022, Gencom and Hyatt received voter approval to amend their lease with the city for the 4-acre site to 99 years from 45, with the purpose of demolishing the Knight Center and Hyatt Regency Miami, and replacing them with supertall high-rises.