Downtown Miami- We hope everyone had the chance to vote this week! Even with my hectic schedule I managed to stop by on my way to work. While Tuesday may have just looked for many as the “primaries” and nothing else, for those living in the city of Miami your ballot may have included something about”Riverside Wharf”. For those of you who didn’t vote it looked like this:
Proposed lease of city-owned waterfront lands on the Miami River
Shall the City be authorized to lease approximately 0.73 acres of waterfront land on the Miami River to Riverside Wharf LLC, providing for 1) $195,500.00 of minimum guaranteed annual rent, and 2) an investment of approximately $7 million in privately funded improvements including the construction of restaurants and the continuity of the public Miami Riverwalk, for a thirty (30) year term with two (2) ten (10) year renewal options?
The Riverside Wharf, a project proposed by developers Alex Mantecon and Guillermo Videl, is an entertainment and restaurant district that’s set to change the Miami River for the better. The actual spot, located between 236 and 298 SW North River Drive is currently just a piece of land between the I-95 overpass and the 1st Street bridge. The $30 million dollar project, totaling over 58,000 square feet will be privately financed. Upon completion, it will include four restaurants, a fish market, a public plaza, parking for over a 1000 cars and a boardwalk. For the boating enthusiast, the plans also include 10,000 square feet of dockage which part of it will be available for public use.
With this approval, Mantecon and Videl hope to break ground by the end of the year with hopes of having this completed by late 2017. I’m happy to say that the proposition passed due to the huge upside it will bring as well as the fact that it’s not being built with our tax dollars. The Miami River is a natural resource that I believe to be strongly underutilized. Our river carries a huge potential for new waterfront opportunities and adding business opportunities such as these will only provide more local opportunities for businesses as well as renewed interest on what could be a very popular place to visit for both locals and tourists.
Other developers seem to agree with me, The Riverside Wharf is only one of many other ideas planned in this area of Downtown Miami. Among other new projects planned are One River Point, a 60-story condominium in the Riverfront Distrcit, and River Yacht Club, which had its grand opening last month.
For more information or if you would like to buy or sell real estate in Downtown Miami contact us today at 305-305-3885 or send us a message here! Our local and market knowledge in the area has already helped dozens of others achieve their real estate goals.