Developers reveal grand plans for $185 million Riverside Wharf, including first hotel along Miami River
Developers of the Wharf Miami complex along the Miami River on Monday revealed plans for an ambitious $185 million expansion into what will become Riverside Wharf.
Riverside Wharf will be the home of the Dream Hotel, a 165-room luxury hotel and the first one along the Miami River. The development also is expected to include 16,000 square feet of restaurants, an event hall, a nightclub and rooftop dayclub plus a private marina with space for yachts. Also, landmark Garcia’s Seafood Grille & Fish Market will remain and be a key piece of the wharf’s revitalization.
Located on the river near downtown Miami, Wharf Miami now has about 30,000 feet of open-air space mostly for live music events and other programs.
Expanding that into a mixed-use development is being led by developer Alex Mantecon of Miami-based MV Real Estate Holdings, in collaboration with private equity real estate firm Driftwood Capital. Driftwood develops hotel projects across America and this will be the company’s first Miami venture in years. The wharf’s expansion was made possible after MV Real Estate secured City of Miami voter approval in March 2016.
Rolando Aedo, chief operating officer of the Greater Miami Convention & Visitors Bureau, sees the development as a prime opportunity for local residents to find hospitality jobs.
“A project like this further showcases greater Miami and will bring in a lot of jobs,” Aedo said. “A ... hotel means a lot of jobs for a hospitality sector that has been hit hard. These are jobs that aren’t exportable and give a lot of people flexibility. ... Having this multi-use project right on our waterfront is something we’re very excited about.”
Mantecon thinks that Riverside Wharf can fill a void for residents near the Miami River who are looking for things to do.
“The riverfront has been taken over by developers building condos with no real activations on the ground level,” he said. “We’re trying to create a destination for all those condo (residents) to go by foot or bicycle without having to (go elsewhere).”
Miami River Commission Chairman Horacio Stuart Aguirre also looks forward to the project and the way in which it continues the legacy of Garcia’s Seafood, a Miami River mainstay.
“As chairman of the Miami River Commission, I’m excited to see the continuing evolution of the wharf site. This public-private partnership was approved by a landslide public referendum vote, featuring another section of the public riverwalk, while maintaining an improved Garcia’s seafood market with over 50 years at this location.”
Mantecon said he expects to start the expansion by the end of 2022. Then the goal is to complete the project in 2025.
“It’s a legacy project for us,” he said. “We do a lot as developers that (is) geared toward profit and this is one that we’ve put a lot of egos aside for to make sure this is an amazing legacy project that our kids, friends and family can be proud of.”
This story was originally published December 20, 2021 at 2:52 PM.
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