Gencom, a real estate and development firm, will now negotiate with the city of Miami to build a reimagined riverfront downtown, following voter approval of a November 8 referendum to amend the lease of the city-owned waterfront. Where the Hyatt Hotel sits the Yacht Hogtal sits. ,
“We are thrilled with the overwhelming support we have garnered. Our plan for privately funded world-class development and transformation of the riverfront has been embraced by the community, and we look forward to renewing our lease with the City of Miami,” said Gencom publicist Aaron Gordon, when the company was sought for comment. Looking forward to finalizing.
Over 64% of voters OK a ballot measure to extend the existing Hyatt lease with HRM Owner LLC at 400 SE Second Avenue, which includes the adjacent Knight Center property, for 99 years. Miami’s charter requires that the sale or lease of city-owned waterfront property be authorized by voters.
It comes as part of a $1.5 billion privately funded redevelopment plan called the Miami Riverbridge, mixed to include a modern, upscale Hyatt hotel, convention and meeting space, multi-family housing and retail space Useful project.
Phil Kebb, a GenCom executive, said once the project is approved by voters, the firm will negotiate a final land lease, complete design work and cost estimates and arrange financing by late 2023 or the first quarter of 2024.
HRM Owner LLC, a partnership between Hyatt Hotels Corp. and Gencom real estate investment and development firm, said Riverfront Revival is expected to ramp up within five years. The first two towers are due by the end of 2028 and the third by the end of 2029.
The reimagined Hyatt Regency will feature 615 high-end hotel rooms and more than 1,500 residential apartments. Anticipated benefits from the Miami Riverbridge project include 50,000 square feet of new outdoor public space, improved access in and out of the city’s urban core to reduce traffic congestion and improve the pedestrian experience, and affordable housing within the city. Includes a $25 million contribution to support. ,
HRM Owner LLC predicts that the project will provide 4,500 construction jobs and that the number of permanent jobs after construction will increase from 350 currently to nearly 900.