Introduction to Riverside Wharf
The Wharf Miami was a sensation when it opened in 2017, and it quickly became a staple on the Miami River. What was initially intended to be a pop-up space evolved into a permanent fixture, revitalizing the commercial area. However, in 2023, the space closed its doors. Despite its shutdown, the owners, Breakwater Hospitality, recognized the potential for something more and have devised a new plan to transform the landscape of the Miami River.
The New Concept: Riverside Wharf Entertainment District
Pranav Bhakta, a representative from Driftwood Capital, a commercial real estate investment firm partnering in the project, explains that they were brought on board to help conceptualize the new space, dubbed the Riverside Wharf Entertainment District. This project is one of many featured in NBC6’s What’s Being Built Here series. The plans for the district include a 1.35-acre waterfront complex, boasting an 8-story, 165-key hotel, part of the Hyatt’s Dream brand.
Amenities and Features
A second tower within the complex will house a day club and a two-story nightclub, with special zoning permissions allowing the nightclub to operate and serve alcohol until 5 am. Additionally, the district will feature two specialty restaurants, event spaces, and hotel meeting spaces. At the heart of the Riverside Wharf Entertainment District will be the newly imagined, permanent Wharf, designed to infuse community and food and beverage concepts with local chefs and restaurateurs.
Project Details and Timeline
The project is estimated to cost approximately $350 million, according to the developers. Groundbreaking is scheduled for Summer 2025, with completion anticipated by 2027. Local businesses, such as Garcia’s Seafood, are expected to be incorporated into the plan, ensuring the Riverside Wharf stays true to its roots and honors the history of the area.
Funding and Partnerships
The property, located in an opportunity zone, will be funded through a combination of sources, including Breakwater Hospitality, Driftwood Capital, and Merrimac Ventures. The opportunity zone designation allows for funding through a federal program that enables investors to invest with deferred capital gains, with the goal of revitalizing the area and creating new jobs. The project will also be financed through EB5 financing, given its location in a TIFF area.
Conclusion
The Riverside Wharf Entertainment District promises to bring a new era of entertainment, dining, and community engagement to the Miami River. With its rich history, innovative design, and commitment to incorporating local elements, this project is poised to become a landmark destination. As the area undergoes transformation, the hope is that it will retain the essence of the old Wharf while embracing the new age of entertainment and community building.
FAQs
- Q: What is the Riverside Wharf Entertainment District?
- A: The Riverside Wharf Entertainment District is a new project transforming the former Wharf Miami space into a 1.35-acre waterfront complex featuring a hotel, day club, nightclub, restaurants, and event spaces.
- Q: When is the project expected to be completed?
- A: The project is anticipated to be completed by 2027, with groundbreaking scheduled for Summer 2025.
- Q: How will the project be funded?
- A: The project will be funded through a combination of investments from Breakwater Hospitality, Driftwood Capital, Merrimac Ventures, opportunity zone funding, and traditional senior financing.
- Q: Will local businesses be incorporated into the plan?
- A: Yes, local businesses like Garcia’s Seafood are expected to be part of the Riverside Wharf Entertainment District, ensuring the project stays true to its roots and supports the local community.
