Introduction to Riverside Wharf Entertainment District
The Wharf Miami was all the rage when opened in 2017. What was supposed to be a pop-up space became a fixture on the Miami River.
It invigorated the commercial area, but in 2023, the space closed.
Despite the shutdown, the owners of the venue, Breakwater Hospitality, knew more was possible. They hope their new plan will stick and reshape the landscape of the Miami River.
Pranav Bhakta with Driftwood Capital, a commercial real estate investment firm that is a partner in the project, says they were brought on to help imagine the new concept for the space called Riverside Wharf Entertainment District.
The plans features a waterfront complex that spans 1.35 acres which includes one tower that is an 8-story, 165-key hotel.
“We decided Hyatt and the dream brand they acquired…was a good opportunity for a brand in that market,” shared Bhakta.
A second tower will house a day club and a two-story nightclub. Special zoning allows the nightclub to stay open and serve alcohol until 5am. There will also be two specialty restaurants, event spaces and hotel meeting spaces.
Grounding it all is the newly imagined, permanent Wharf.
“And that is going to be the heart and soul of the new Riverside Wharf Entertainment District because that is where we are going to infuse community and F&B concepts with local chefs and restaurateurs and have that no veto policy again and curating little spaces that anyone can enjoy in any point and time,” Bhakta explains.
Project Details and Timeline
The project will cost roughly $350 million, according to the developers.
They plan to break ground Summer 2025 and complete the complex by 2027.
Local businesses in the area like Garcia’s Seafood would be incorporated into the plan, according to Bhakta who says the Riverside Wharf hopes to keep true to its roots.
“We are going to again activate that space to be like there’s the longing of the old Wharf and river and the industrious that happened there. And, this is the new age of that right. But we don’t want to get rid of all the things that that river supplied,” Bhakta explained.
Funding and Partnerships
Bhakta shares that the property is in an opportunity zone, which allows for funding through a federal program that allows investors to invest for deferred capital gains, with the intention that you are revitalizing the area you are building in and creating new jobs. The property is also in a TIFF area which allows it to be financed through EB5 financing.
Bhakta added the project will also be funded through Breakwater Hospitality, Driftwood Capital, and Merrimac Ventures.
“We have three solid partners that are putting in their own equity into the deal and then we are bringing in quality opportunity investors into the deal, and then we are doing traditional senior financing, and we already have a bank that is very interested,” Bhakta explained.
Conclusion
The Riverside Wharf Entertainment District promises to bring a new level of entertainment and community engagement to the Miami River area. With its unique blend of hotel, day club, nightclub, restaurants, and event spaces, it is set to become a hub of activity and a must-visit destination for both locals and tourists. The project’s commitment to incorporating local businesses and preserving the area’s history and character is a welcome move, and its funding through a combination of private investment and federal programs is a testament to the confidence in the project’s potential.
FAQs
Q: What is the Riverside Wharf Entertainment District?
A: The Riverside Wharf Entertainment District is a new waterfront complex that will replace the old Wharf Miami, featuring a hotel, day club, nightclub, restaurants, and event spaces.
Q: When is the project expected to break ground and be completed?
A: The project is expected to break ground in Summer 2025 and be completed by 2027.
Q: How much will the project cost?
A: The project is estimated to cost roughly $350 million.
Q: What kind of funding is being used for the project?
A: The project is being funded through a combination of private investment from Breakwater Hospitality, Driftwood Capital, and Merrimac Ventures, as well as federal programs such as opportunity zones and EB5 financing.
Q: Will local businesses be incorporated into the project?
A: Yes, local businesses like Garcia’s Seafood will be incorporated into the plan, and the project aims to preserve the area’s history and character.
