Miami City Commission Unanimously Approves Lease Agreement For Hyatt And Gencom’s ‘Miami Riverbridge’ Development

Posted on 14 July 2023 by Florida YIMBY

In a 5-0 vote at the Miami City Commission, the lease agreement between the City and the joint venture led by Hyatt and Gencom has been unanimously approved. This decision marks a significant milestone in advancing the visionary Miami Riverbridge development at 400 Southeast 2nd Street, setting the stage for revitalizing Downtown Miami’s riverfront area. The approved lease agreement paves the way for collaborative efforts between Hyatt and Gencom to enhance access, promote walkability, and introduce diverse offerings to the vibrant city. With this crucial endorsement, the joint venture can now proceed with finalizing the construction plans in close partnership with the City.

The Miami Riverbridge development has already received overwhelming support from the public, earning an impressive 64 percent approval from voters in the previous November election. This widespread recognition of the project’s transformative potential highlights its importance to the local community and visitors alike, generating excitement for the future of Downtown Miami.

James Francque, representing Hyatt, and Phil Keb, representing Gencom, expressed their deep appreciation for the City Commission’s endorsement of the lease agreement. They reiterated their unwavering commitment to delivering a remarkable development that aligns with the community’s aspirations while substantially contributing to Miami’s economic growth.

With the lease agreement now in place, the Miami Riverbridge project can forge ahead, unlocking the full potential of the Miami riverfront and establishing a dynamic urban environment. The joint venture is dedicated to meeting the growing demand for housing, hotel accommodations, and event spaces while generating significant revenue for the City through taxes, fees, and ground rent.

Designed by Miami-based Arquitectonica, plans for the site include three towers offering residents and hotel guests panoramic views of Downtown Miami and Biscayne Bay. Towers one and two, rising 61 stories, will include 682 multifamily apartments, a 615-room Hyatt Regency with over 100,000 square feet of meeting space, and 264 serviced apartments. The towers will be linked at the top by a Skybridge featuring an upscale destination restaurant and lounge perched 700 feet over the city. Tower three, which is anticipated to include 860 residential apartments, will soar 1,049 feet high, making it one of the tallest buildings in South Florida.