Voters will decide whether a joint venture between MV Real Estate Holdings and Driftwood Capital can move forward with a Dream Hotel-anchored mixed-use project along the Miami River.
The Miami City Commission authorized City Attorney Victoria Mendez on Thursday to draft an amendment to the city’s charter that residents will vote on during an Aug. 23 special election.
If approved, the proposed amendment would allow developer Riverside Wharf LLC to build a hotel on a property voters previously approved for a $30 million restaurant and entertainment complex, which is now home to the Wharf Miami. The commission would also be allowed to waive competitive bidding and negotiate a lease extension of 50 years with the developer.
Riverside Wharf, an entity managed by MV Real Estate Holdings principals Alex Mantecon and Guillermo Vadell, recently partnered with Driftwood Capital to add a 165-key hotel to the proposed mixed-use project, which will now cost $185 million to build. Also called Riverside Wharf, the development would be built on the 1.5-acre site of the Wharf Miami at 114 Southwest North River Drive.
The project would consist of two 10-story buildings, including the Dream Miami hotel, as well as food, beverage and entertainment venues that include an expanded and new version of the Wharf Miami. The developers would also build a deep-water yacht marina and a public riverwalk, according to a release.
Designed by John Cardello of Cube3 architects, Riverside Wharf would span 200,000 square feet with 16,000 square feet of restaurants, a 12,000-square-foot event hall, a 30,000-square-foot nightclub and rooftop dayclub, and 600 feet of river frontage.
In 2016, voters approved an agreement giving Riverside Wharf a 30-year lease with an option for two 10-year extensions. The developer agreed to pay a minimum of $195,000 in annual rent to the city, as well as spend at least $7 million on public land improvements, including a new riverwalk fronting the development.
Riverside Wharf would join a slate of other major developments planned for the Miami River. River Landing Shops & Residences, a multifamily, offices and retail complex, is the largest project completed so far.
In September, developer Harvey Hernandez paid $50.5 million for a riverfront site near Brickell City Center, where he’s planning a three-tower residential and marina project. And Chetrit Group recently secured a $310 million construction loan for its $1 billion mixed-use mega development planned for a riverfront site on the south bank.