Miami Beach is expanding its presence in the hospitality industry with a new hotel project. The Miami-Dade County Commissioners have given approval for the county to take on up to $92.5 million in debt, allowing a development team led by Terra Group and Turnberry Associates to construct the Miami Beach Convention Center Headquarters Hotel.
The hotel, also known as Grand Hyatt Miami Beach, will be built under a 99-year ground lease structure. This means that while the developer oversees design, construction and operation of the hotel, ownership of the land will remain with the city. The expected completion date for this project is 2027.
Plans for this business-oriented accommodation include a skybridge connecting it to the convention center, five food and beverage outlets, and over 100,000 square feet of meeting space. Additionally,the property will feature amenities such as a gymnasium,two pools,and parking spaces for up to 320 vehicles.
With an estimated total cost of $600 million,the resolution has allocated $92.5 million specifically towards bridging any financial gaps caused by rising construction costs and interest rates.This exciting development highlights Miami’s continued growth in both tourism and business sectors.
