At a special election on August 23, Miami voters approved the proposal to permit the construction of Riverside Wharf. The entertainment complex worth $185 million will be built in Miami River. 60.12% of voters (20,910 people) voted for permitting Riverside Wharf LLC to rent the city-owned property. 13,872 people, or 39.88%, voted against it.
“We want to give a heartfelt thank you to everyone in Miami. We are deeply grateful for everyone’s tremendous support and couldn’t be more excited to transform the Miami River District into the world-class entertainment destination it always had the potential to be,” Alex Mantecon, co-developer of Riverside Wharf, said.
“Riverside Wharf is designed to be the anchor in entertainment and hospitality for the Miami River District. It is carefully curated by Miami locals to achieve an iconic building with world-class venues that will ultimately redefine the standards for nightlife, entertainment, restaurants, and hospitality,” Mantecon added.
Riverside Wharf by Riverside Wharf LLC, MV Real Estate Holdings, Driftwood Capital, and Merrimac Ventures will be a 10-story project with a floor area of 18,500 m2. It will include a 2,700 m2 nightclub and a rooftop dayclub, a 1,100 m2 event hall, the luxurious Dream Miami Hotel with 165 rooms, The Wharf Miami with restaurants occupying a total of 1,100 m2, and a yacht marina.
Construction is scheduled to begin in the second quarter of 2023. Developers intend to create a public waterfront along the development area and take measures to raise the sea level, including the construction of a new seawall.
According to company representatives, the project will also pay homage to the district’s historical fishing culture. A fish market will emerge on the grounds.
New projects like Riverside Wharf are among numerous reasons why the real estate market of South Florida (particularly Miami) continues to develop. Despite the rising interest rates and inflation level, the Sunshine State attracts investors and home-hunters from all over the world.