The Miami River site where The Wharf Miami served drinks for nearly six years now has the money to build what comes next.

Driftwood Capital, MV Real Estate Holdings and Merrimac Ventures closed a $145 million construction loan from Arkansas-based Centennial Bank for Riverside Wharf, Hotel Business reported on Oct. 26. The loan pays for vertical construction of the $350 million project at 114 SW North River Drive in downtown Miami.

What's planned

The plan calls for two nine-story towers totaling about 200,000 square feet:

  • A Dream Hotel with 167 rooms
  • A 30,000-square-foot nightclub
  • A rooftop pool and day club
  • A 12,000-square-foot event hall
  • 16,000 square feet of restaurant space

It also brings back The Wharf Miami in a larger form, adds a riverwalk open to the public and a new seawall, and includes a pop-up of Garcia's Fish Market, a nod to the river's fishing past.

Jon Cardello of CUBE 3 Architects designed the project. Gensler is handling construction documents and ICRAVE the interiors. Moss Construction is the general contractor, and the team is targeting a fall 2028 finish.

"This financing is what turns vision into vertical construction," said Alex Mantecon, managing partner of MV Real Estate Holdings and co-founder of Breakwater Hospitality Group, which runs The Wharf brand.

Why voters had a say

The land belongs to the City of Miami, so the deal went to the ballot. In an August 2022 special election, city voters approved a charter change that let the commission amend the Riverside Wharf lease by a four-fifths vote.

The ballot question set the terms: base rent rises 50% or to fair market rent, whichever is higher. Required private investment goes from $7 million to $30 million. The lease gets 50 more years. And the tenant must build a new seawall and a public riverwalk and meet zoning and resiliency rules.

The Wharf Miami closed in September 2023 to make way for the project, The Real Deal reported.

A busier river

Riverside Wharf is one of several bets on restaurants and nightlife along the river. The Real Deal also reported two long-term restaurant leases nearby: Mercante Ristorante & Piano Bar, and S&L, a steak-and-lobster spot planned for the former Captain Tom's Seafood site.

Breakwater already runs The Wharf Fort Lauderdale on the New River, JohnMartin's in Coral Gables, Regatta Grove in Coconut Grove and PIER 5 at Bayside.

For more on what's rising along the river and downtown, see our look at the Waldorf Astoria supertall and Faena's river towers and six big Miami projects to follow.

The Miami Riverwalk along the river downtown
The downtown Miami Riverwalk, photographed in 2008. Source