It was a spot to party on the Miami River. Now a hotel, club and raw bar are moving in
A slice of land on the Miami River where people had gathered to party, drink, do Sunday yoga and eat food truck fare will be transformed into a major waterfront development featuring a hotel, entertainment complex and an offshoot of a popular seafood house.
The Wharf Miami closed in August 2023, but details and a timeline of what’s next for the now-vacant site are now coming into focus.
The founders of Wharf Miami, Alex Mantecon and Emi Guerra, had always dreamed of something much bigger than their informal place to drink, dance and dine. They viewed their popular hangout as an early edition of what’s possible.
“The original plan was that The Wharf was going to be temporary,” Mantecon said.
On Friday, Feb. 7, Mantecon and his business partners took a significant step forward with their much larger permanent project, Riverside Wharf Miami, with the selection of a general contractor, Fort Lauderdale-based Moss Construction.
The group plans to break ground by the summer. The $300 million project includes a 167-room hotel and nightclub. The hotel is named The Dream, a Hyatt-owned brand.
The new site spans 1.35 acres, but its southern end covers where The Wharf Miami stood. Garcia’s, the iconic fish market and restaurant up the river near Northwest Fourth Street, is a partner and will expand to the new complex.
The project has been discussed in some form for over a decade. It required public approval in two separate referendums because it sits on public waterfront land. The developers now estimate completion by the end of 2027. Meanwhile, they continue to work on getting permits.
The developers expect to break ground in June, said Carlos Rodriguez Sr., founder and CEO of Driftwood Capital, a commercial real estate investment firm and partner in the project.
What the new Wharf will look like
Two towers along the river are planned. One is the eight-story hotel. Hyatt owns the Dream Hotels luxury brand, which has locations in Hollywood, California; New York City and Nashville.
The second tower is a six-floor, 100,000-square-foot day club and nightclub. The building will include two high-end restaurants, planned as Asian and Italian coastal. Special zoning allows the nightclub to operate and serve alcohol until 5 a.m., which could give the area an advantage over Wynwood and South Beach where last call is usually 2 a.m.
The development, stretching from the I-95 overpass to Northwest First Street, could reshape how the riverfront is viewed, from unfilled potential to a complex that draws tourists, diners and nightlife.
“My goal is to make it the next big entertainment center in Miami,” Rodriguez said. “It’ll be a catalyst that will transform this area.”
The project’s developers are MV Real Estate Holdings, Mantecon’s firm, and Driftwood. Merrimac Ventures and Breakwater Hospitality Group are also partners. Breakwater is run by Mantecon and Emi Guerra, who were behind the original Wharf Miami.
The venue will also have lots of daytime activities for families and children, typical of properties on which Breakwater Hospitality Group works. The previous Wharf Miami featured jugglers and offered face-painting for kids.
The Miami River has drawn numerous developers and financiers in recent years as the next hot spot in South Florida real estate. In October, Faena, best known for its hotel in Miami Beach, said it plans to build waterfront residences and create what it dubs the Faena District Miami River together with Fortune International Group and KAR Properties. One River Point is backed by the New York-based Cherit Group.
But mixed-use projects haven’t always worked out on the river. Condos still outnumber restaurants, clubs and stores. Casa Neos, a Mediterranean restaurant, is one of the few places to eat on the river bank, located where East Coast Fisheries once stood.
Miami River veterans and experienced financiers
Backers of Riverside Wharf Miami think they have the right ingredients to succeed.
“The riverfront has been taken over by developers building condos,” but nothing to keep residents busy or active, Mantecon told the Miami Herald in 2021. “We’re trying to create a destination” for them to easily get to and where they can spend much of the day, he said.
In 2016, Mantecon bought an initial two parcels of land in a competitive solicitation by the city. He obtained a 30-year lease with two 10-year options for his project at the time, a $30 million complex of restaurants.
The Miami city charter requires voter approval for long-term leases of public land on waterfront property. Changes to existing leases also need the voters’ blessing. In March 2016, they backed the project.
By December 2021, Mantecon’s plans grew. He and his partners revealed the early contours of the Riverside Wharf Miami. Driftwood had entered the picture. And they decided they needed a 100-year lease to secure financing, said Mantecon.
Voters backed the revised project, too, in a new referendum in August 2022.
As part of that referendum, the developers would commit investing at least $30 million in the complex, build a new seawall and public riverfront and pay 50% more to the city in rent.
The public support so far makes it more appealing to financial backers.
Driftwood, based in Coral Gables and with more than $4 billion in hospitality assets under management and 80 hotels, invests globally but has extensive experience in hotels in Florida.
On the Space Coast, it owns the Hilton in Cocoa Beach, Crowne Plaza and Element by Westin in Melbourne, and is finishing building the Westin Cocoa Beach Resort & Spa.
The firm develops, manages and acquires properties, and also lends. Last year, Driftwood helped owners Cereberus Capital Management and Highgate refinance a Marriott-branded complex of three hotels near Miami International Airport: Miami Airport Marriott, Courtyard Miami Airport and the Residence Inn Miami Airport.
With Riverside Wharf Miami, Driftwood is taking a more hands-on approach, as a developer.
Parking in the area
Another advantage of the project: It has parking. The development is near several Miami Parking Authority lots under the I-95 overpass.
“Those parking lots will be used for our parking,” said Pranav Bhakta, Driftwood’s vice president of operations.
That negotiation with the city means the developers won’t have to build new parking garages on the site.
The public will still be able to use those lots, Bhakta said. “There’s plenty of parking.”
Some may prefer to boat their way to the new complex. The project calls for development of a marina that includes a 540-foot dock and a river walk. And the marina will be deep enough to accommodate superyachts.
The Garcia seafood family’s role
The Riverside Wharf Miami promises to be more than a high-end venue.
While not shareholders, the Garcias, the family that owns the nearly 50-year-old Garcia’s Seafood Grille & Fish Market at 398 NW North River Dr., are collaborators in the new development.
They will maintain the original restaurant, but open a new fish market, raw bar and outdoor area, said Luis Garcia, one of the brothers and owners of the seafood business. At the new market, they’ll sell lobster, stone crabs, yellowtail snapper, grouper and shrimp.
The Garcia family will also shift part of its commercial fishing business — mainly its fishing fleet — to the new marina, Garcia said. So you can watch their fishermen catch fresh fish and order some. He isn’t sure yet how many boats they’ll put there but said the family would like to create a fishing village at the new marina.
That’ll be good for business, he believes. “It’ll have much more exposure.”
“The image of the Miami River shouldn’t just be yachts,” he said. “We can still be authentic.”
The move will be a homecoming of sorts because the development site was the original location of the Garcia family’s fisheries business until 2020.
They are also friends with Mantecon and have been supportive.
On the night of the 2016 referendum vote, the Garcias held an election party at their restaurant several blocks north, the Herald reported then. The Wharf Miami opened in November 2017.
Said Mantecon: “The Wharf really planted the seed.”
Profile of Riverside Wharf Miami
▪ Location: 123 SW North River Dr.
▪ Size: 1.35 acres
▪ Buildings: Two towers, an 8-story hotel and 6-story entertainment complex
▪ Marina: 540 feet of dock, river walk and marina deep enough for superyachts
▪ Restaurants: Asian, Italian, raw bar
▪ Clubs: Night and day clubs with 100,000 square feet
▪ Meeting space: 18,000 square feet including 3,000-square-foot balcony
▪ Hotel: The Dream, 167 guest rooms, rooftop pool, two-floor lounge, Hyatt loyalty program
This story was originally published February 10, 2025 at 11:25 AM.