Miami voters will decide on major makeover for Knight Center and downtown Hyatt
Miami voters will decide in November on the future of the 40-year-old James L. Knight Center complex and Hyatt Regency downtown, a slice of publicly owned property that could undergo a massive redevelopment.
Late Thursday, city commissioners voted to place a question on the Nov. 8 ballot over whether the city should extend a long-term lease on the four acres where the complex sits for 99 years and allow developers to do a $1.5 billion overhaul of the site at 400 SW Second Ave. near the mouth of the Miami River.
Hyatt Hotels Corp., Gencom and Arquitectonica have proposed a privately funded plan to replace the convention center complex, completed in 1982, with a three-tower structure that would include 615 hotel rooms, 1,500 market-rate apartments, meeting space and a public riverfront promenade.
A “skybridge” with a restaurant would connect two of the three towers, which would rise from one pedestal covering a large driveway that designers say would alleviate traffic in the area. The design includes about 190,000 square feet of meeting space, replacing the current convention space and the 4,500-seat auditorium that typically hosts concerts and graduation ceremonies.
Since first debuting new designs for the project in May, developers have named the proposal Miami Riverbridge. If approved, the developers have also committed $25 million to affordable housing, and 15 affordable housing units would be included onsite.
“Miami Riverbridge will improve access to and from the Hyatt Regency Miami site, activate the Miami Riverfront, and meet growing demand for housing, hotel rooms, and meeting space in our urban core,” reads a joint statement from Hyatt and Gencom.
City law requires voter approval of long-term leases of public waterfront land. Hyatt has for years tried to propose a redevelopment and lease extension, with previous plans stalling in 2017 and 2018 before they were placed on the ballot. The site currently has a 612-room hotel, auditoriums and meeting space under a lease that was signed in 1979. Under the current terms, Hyatt would in 2027 have the option of renewing the lease for another 45 years.
The commission approved the ballot question in a 4-1 vote, with Commissioner Joe Carollo in opposition. He raised concerns about traffic in the area.
Voters who live inside city limits will see the following question on the Nov. 8 ballot:
Shall Miami’s charter be amended authorizing city to amend Hyatt lease with HRM Owner LLC, including Knight Center property, extending to 99 years, waiving bidding, and requiring, at no cost to city:
▪ Public river-front green space;
▪ New Hyatt Hotel, additional parking, convention space, and apartments;
▪ Increased annual rent to city from $250,000 to minimum $2,500,000 or 2.5% of gross revenues, whichever greater;
▪ Minimum $25,000,000 affordable housing contribution;
▪ Expanded public riverwalk?
This story was originally published July 29, 2022 at 4:38 PM.
