Best Western’s new boutique brand will make its South Florida debut in Miami’s Arts and Entertainment District.
Vīb, short for vibrant, will one of two properties in the U.S. Best Western will team up with Richard Meruelo, who purchased the 7.4-acre lot for $64 million in January, to develop the hotel as the cornerstone of a larger residential and retail project, according to a press release.
The 200-room hotel will be 10 stories tall and is expected to break ground in November 2015, the Next Miami first reported.
“The site where we are developing Vīb is an eclectic neighborhood full of art studios, hip restaurants, and independent shops and is home to Miami’s famous festival, Art Basel,” Meruelo said in a statement. “Our family has been involved in developing and investing in Miami for many years and we view this project as an example of our continued commitment to investing in our communities. This project will add to the vibrancy of the Arts and Entertainment District and be a boost to the local economy.”
Meruelo’s company Rebuild Miami-Edgewater also acquired a $34 million mortgage at the time of the sale. BDB Miami owned the site for nearly a decade and had previously planned a large retail development called Bayview Market. It received approvals for 550,000 square feet of big box retail but never started construction.
The second Vīb in the U.S. will be in Chicago.