Miami’s Edgewater neighborhood will get a new hotel — with neighboring retail, residential and restaurant space — as part of a new project announced this week.
Developer Richard Meruelo said the 200-room hotel, scheduled to break ground in November, will be the first phase of the project at 79 NE 17th Terr. His company Rebuild Miami-Edgewater bought the 7.3-acre site on the corner of Northeast Second Avenue and Northeast 17th Street in January for $64 million.
The hotel will be one of the first locations of Best Western International’s brand Vib, described as a “chic, hip, urban boutique hotel concept” in the upper midscale segment. Best Western International announced this week that the first two signed North American deals for the hotel brand (inspired by the word “vibrant”) are in Miami and Chicago.
The Miami location is expected to open in November or December of 2016.
Meruelo said in an interview Wednesday that the rest of the project will likely include residential units, potentially more lodgings, restaurants, retail and nightlife options. The cost of building the hotel is expected to reach $20-$30 million, he said.
The site, he said, is appealing because it is surrounded by hot markets including downtown and the Design District.
“It’s right in the middle of two of the most exciting areas of South Florida,” he said. “It couldn’t be a better location.”