A piece of land on the Miami River, where people used to gather to hang out, drink, do Sunday yoga, and eat food from food trucks, will be transformed into a large waterfront with a hotel, entertainment complex, and a branch of a popular seafood restaurant.
Wharf Miami closed in August 2023, but now attention is focused on the details and schedule of what will happen next on the now-vacant site. The founders of Wharf Miami, Alex Mantecon and Amy Herrera, always dreamed of something much bigger than just an informal place to drink, dance, and have lunch. They considered their popular gathering as an early preview of what could be.
“The initial plan was for The Wharf to be temporary,” says Mantecon.
And already on Friday, Mantecon and his business partners took a significant step forward in realizing their much larger permanent project, Riverside Wharf Miami, by choosing a general contractor — Moss Construction from Fort Lauderdale. The group plans to begin construction this summer. The $300 million project includes a 167-room hotel and a nightclub. The hotel will be called The Dream, a brand owned by Hyatt.
The new site covers 1.35 acres, but its southern end is located where Wharf Miami used to stand. The partner of the new complex is Garcia’s, an iconic fish market and restaurant located upriver near Northwest Fourth Street, which will be expanded to include the new complex.
The project has been discussed in various forms for more than ten years. It required public approval in two separate referendums because it is located on public waterfront property. Developers now plan to complete construction by the end of 2027. In the meantime, they continue to work on obtaining permits.
According to Carlos Rodriguez Senior, founder and CEO of Driftwood Capital, an investment company engaged in commercial real estate and a partner in the project, the developers plan to start construction in June.
What the new pier will look like
Two towers are planned along the river. One of them is an eight-story hotel. Hyatt owns the luxurious Dream Hotels brand, which has hotels in Hollywood, California, New York, and Nashville. The second tower is a six-story day and night club covering 100,000 square feet.
The building will include two upscale restaurants, planned as waterfront Asian and Italian cuisine restaurants. Special zoning allows the nightclub to operate and serve alcohol until 5 a.m., which could give this area an advantage over Winwood and South Beach, where closing is usually at 2 a.m. Construction, stretching from the I-95 overpass to Northwest First Street, may change perceptions of the waterfront, transforming it from unrealized potential into a complex that attracts tourists, restaurant visitors, and nightlife enthusiasts.
“My goal is to make it the next major entertainment hub in Miami,” Rodriguez said. “It will be a catalyst to transform this neighborhood.”
The developers of the project include MV Real Estate Holdings, Mantecon’s firm, and Driftwood. Partners also include Merrimac Ventures and Breakwater Hospitality Group. Breakwater is managed by Mantecon and Amy Herrera, who were behind the initial Wharf Miami project. The venue will also have many daytime entertainment options for families and children, typical of projects managed by Breakwater Hospitality Group.
At the previous Wharf Miami, jugglers performed and face painting for children was offered. The Miami River has attracted numerous developers and financiers in recent years as a new hot spot in South Florida’s real estate market. In October, Faena — best known for its hotel in Miami Beach — announced plans to build waterfront residences and create the so-called Faena District Miami River in partnership with Fortune International Group and KAR Properties. One River Point is supported by the New York company Cherit Group. However, mixed-use projects have not always been successful on the river’s edge. Condominiums still predominate over restaurants, clubs, and shops. The Mediterranean restaurant Casa Neos is one of the few places to eat on the riverfront, located where the East Coast fishing enterprise once stood.
Insights from experienced investors and notable Miami-River market veterans
Proponents of Riverside Wharf Miami believe they have all the necessary ingredients for success.
“The waterfront has been taken over by developers building condominiums,” but there is nothing to engage residents or make them active,” Mantecon said in an interview with the Miami Herald in 2021.
“We are trying to create a place where residents can easily reach and spend most of their day,” he added.
In 2016, Mantecon bought the first two parcels of land through a competitive process announced by the city. He secured a 30-year lease with two 10-year options for his then-project — a $30 million restaurant complex. Miami city charter requires residents’ approval for long-term leases of public waterfront land. Changes to existing lease agreements also require voter approval. In March 2016, voters supported the project.
By December 2021, Mantecon’s plans had expanded. He and his partners revealed the initial outlines of Riverside Wharf Miami’s pier. Floating docks appeared on the horizon. They decided they needed a 100-year lease to secure financing, Mantecon said.
In the revised referendum in August 2022, voters also approved the updated plan. Under this referendum, developers committed to investing at least $30 million in the complex, constructing a new maritime wall and public waterfront, and paying 50% more rent to the city. Public support makes the project more attractive to financial investors. Driftwood, based in Coral Gables and managing hotel assets worth over $4 billion across 80 hotels, invests worldwide but has significant experience with hotels in Florida. On Space Coast, it owns Hilton hotels in Cocoa Beach, Crowne Plaza, and Element by Westin in Melbourne, as well as the Westin Cocoa Beach Resort & Spa, currently under construction. The firm handles development, management, property acquisition, and financing.
Last year, Driftwood helped Cereberus Capital Management and Highgate refinance a complex of three Marriott-brand hotels near Miami International Airport: Miami Airport Marriott, Courtyard Miami Airport, and Residence Inn Miami Airport. Regarding Riverside Wharf Miami, Driftwood adopts a more pragmatic approach as a developer.
Riverside Wharf Miami Profile
- Location: 123 SW North River Dr.
- Area: 1.35 acres
- Buildings: Two structures: an 8-story hotel and a 6-story entertainment complex
- Marina: 540-foot pier, promenade, and dock, deep enough for superyachts
- Restaurants: Asian, Italian
- Clubs: Night and day clubs totaling 100,000 square feet
- Conference rooms: 18,000 square feet, including a 3,000-square-foot balcony
- Hotel: The Dream, 167 rooms, rooftop pool, two-story lounge, Hyatt loyalty program