Miami Beach has provided an update on the Grand Hyatt Convention Center hotel, slated to be one of the largest in the city's history. In a letter to city commissioners dated November 17, developer MB Mixed Use Investment, LLC, communicated an extension of the property possession date.
Having already invested $20 million in the $600 million project, the developer requires additional time to secure the remaining 12% financing. Despite this, site work is progressing to ensure the project is shovel-ready once financing is secured. The foundation permit has been issued, and the vertical permit is anticipated by early 2024.
The early access work is nearly complete, with the remaining 5% expected to be finished post-Art Basel. The adjacent Jackie Gleason Theater, closed temporarily to expedite early work, has now reopened.
The city had previously stated that construction would take approximately 30 months after the groundbreaking ceremony, initially expected in November.
Key features of the Grand Hyatt project include:
800 rooms, including 48 suites
Amenities such as 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
Five food and beverage outlets, including an already leased signature restaurant
A Grand Hyatt Club lounge
320 parking spaces
Developed by David Martin of Terra Group and Jackie Soffer of Turnberry, the project's architecture is designed by Bernardo Fort-Brescia's Arquitectonica.
Please contact David Freed, Miami Realtor, for all of your Brickell condo purchases.
