Miami Beach is set to witness a groundbreaking transformation with the development of the Grand Hyatt convention center hotel, poised to be one of the largest ever built in the city’s history. In a recent update from developer MB Mixed Use Investment, LLC, the city learned of an extension in the possession date for the property, shedding light on the impressive scale and progress of the $600 million project.
Project Financing and Timeline:
With an initial investment of $20 million, MB Mixed Use Investment, LLC is diligently working to secure the remaining 12% financing necessary for the ambitious project. Site work is well underway to ensure the project is “shovel-ready” once financing is secured, with the foundation permit already issued and the vertical permit anticipated by early 2024.
Despite the extension, early access work is nearing completion, reaching an impressive 95%, with the final touches set to be finalized post-Art Basel. The adjacent Jackie Gleason Theater, temporarily closed to expedite early work, has now reopened, marking a milestone in the development process.
Key Features of the Grand Hyatt:
The Grand Hyatt convention center hotel is designed to be a landmark in Miami Beach, offering a host of amenities and features:
- Room Configuration: The hotel will boast a total of 800 rooms, including 48 luxurious suites, providing guests with a range of accommodation options.
- Recreational Facilities: State-of-the-art amenities, such as a gym, two pools, and a resort-style pool deck, promise guests a premium and relaxing experience during their stay.
- Meeting and Conference Spaces: With a whopping 90,000 square feet of indoor meeting and conference space, complemented by an additional 10,000 square feet outdoors, the Grand Hyatt is poised to become a hub for major events and gatherings.
- Dining Options: The hotel will house five distinct food and beverage outlets, including a signature restaurant already leased to elevate the culinary experience for guests.
- Grand Hyatt Club Lounge: Exclusivity meets luxury with the inclusion of a Grand Hyatt club lounge, providing an intimate and refined space for guests to unwind.
- Parking Facilities: Addressing the city’s practical needs, the development includes 320 parking spaces to accommodate visitors and guests.
Behind this visionary project are esteemed developers David Martin of Terra Group and Jackie Soffer of Turnberry. Renowned architect Bernardo Fort-Brescia’s firm, Arquitectonica, is lending its expertise to ensure the Grand Hyatt stands as an architectural marvel.
Anticipated Groundbreaking and Construction Timeline:
While the groundbreaking ceremony was initially expected in November, the city has communicated that construction is estimated to span approximately 30 months once initiated. This ambitious timeline reflects the urgency and commitment of the developers to bring the Grand Hyatt convention center hotel to fruition.
As Miami Beach eagerly awaits the groundbreaking ceremony for the Grand Hyatt convention center hotel, the city can look forward to a transformative project that not only enhances its skyline but also positions itself as a premier destination for conventions, meetings, and luxury accommodations. The Grand Hyatt is poised to redefine the city’s hospitality landscape, leaving an indelible mark on Miami Beach’s history.
Miami Beach has released on update on the Grand Hyatt convention center hotel, which will become one of the biggest ever built in city history.
According to a November 17 letter to city commissioners, developer MB Mixed Use Investment, LLC notified the city that it was extending the date of possession of the property.
The developer has already spent $20 million in the project. It needs additional time to secure a remaining 12% financing for the $600m project.
Site work is continuing to ensure that the project is shovel ready once the financing has been secured. The foundation permit for the project has been issued, and the vertical permit will be issued by early 2024.
Early access work is now 95% complete, with the remainder expected to be completed following Art Basel. The adjacent Jackie Gleason Theater, which was closed to accelerate the early work, has now reopened.
The city has previously said that construction will take about 30 months following a groundbreaking ceremony, which had been expected in November.
The Grand Hyatt will include:
- 800 rooms (including 48 suites)
- amenities including a gym, two pools, and a resort style pool deck
- 90,000 square feet of indoor meeting/conference space, plus 10,000 square feet outdoors
- 5 food and beverage outlets, including a signature restaurant that is already leased
- A Grand Hyatt club lounge
- 320 parking spaces
David Martin of Terra Group and Jackie Soffer of Turnberry are the developers. Bernardo Fort-Brescia’s Arquitectonica is the architect.