Grand Hyatt Miami Beach: Latest Construction Update Unveiled for One of the Largest Hotels in its HistoryDecember 7, 2023
Miami Beach has provided an update on the progress of the Grand Hyatt Convention Center Hotel, poised to become one of the city’s largest ever built. In a letter to city commissioners dated November 17, developer MB Mixed Use Investment, LLC announced an extension in the possession date for the property.
With an existing investment of $20 million in the project, the developer seeks additional time to secure the remaining 12% financing required for the $600 million endeavor. Concurrently, ongoing site work ensures that the project is poised for immediate commencement upon finalizing the financing. The foundation permit has been issued, and the vertical permit is anticipated to be granted by early 2024.
Substantial progress has been made, with early access work reaching 95% completion and the remaining portion slated for finalization post-Art Basel. The adjacent Jackie Gleason Theater, temporarily closed to expedite early work, has reopened.
As previously stated by the city, construction is expected to span approximately 30 months from the groundbreaking ceremony, initially anticipated in November.
The Grand Hyatt, envisioned to feature 800 rooms (including 48 suites), will offer a range of amenities such as a gym, two pools, and a resort-style pool deck. The hotel will also house 90,000 square feet of indoor meeting and conference space, complemented by an additional 10,000 square feet outdoors. Five food and beverage outlets, including a pre-leased signature restaurant, are part of the plan, along with a Grand Hyatt club lounge and 320 parking spaces.
Developers David Martin of Terra Group and Jackie Soffer of Turnberry drive the project forward, with architectural expertise provided by Bernardo Fort-Brescia’s Arquitectonica.