Hyatt may rebuild Miami hotel and convention center

Miami /
Apr.April 23, 2017 11:15 AM

Hyatt Hotels Corp. and the Miami city government are discussing a deal to redevelop the company’s Hyatt Regency hotel in downtown Miami and the adjacent James L. Knight Center convention complex. The  hotel and convention center opened on the north bank of the Miami River in 1982.

Terms of a potential redevelopment plan would give Hyatt 12 months to produce a master plan for construction of a new hotel with meeting space, plus a mixed-use project, at the 4.5-acre site of the hotel and convention center, 400 Southeast 2 Avenue. Hyatt might consider new uses for the site, including offices and residences.

The plan that Hyatt and the city are discussing would not entail replacement of any or all of the existing 36,000 square feet of meeting space at the Knight Center.

If Hyatt and the city commission agree on a redevelopment plan, the company would sign a new 99-year ground lease with the city, replacing an existing lease set to expire in six years. Upon expiration of the existing lease, Hyatt would have a 45-year renewal option.

Hyatt runs the 612-room Hyatt Regency Miami, and the city controls the Knight Center, including the 4,500-seat James L. Knight Auditorium and the Arthur Ashe Auditorium. The Knight Center, operated by contractor SMG, got a municipal subsidy of approximately $400,000 last year. An audit shows that the Hyatt Regency generated 43 million of gross revenue last year.

If city commissioners and Hyatt reach a redevelopment deal, it would require approval from voters in a citywide referendum to take effect. [Miami Herald] Mike Seemuth


Related Articles

arrow_forward_ios
Stephanie & André Dua with 3829 Stewart Avenue, Miami. (LinkedIn via Stephanie Dua, Mckinsey & Company, Lifestyle Production Group for ONE Sotheby’s International Realty)
Ceres Global Advisory founder sells Coconut Grove home
Ceres Global Advisory founder sells Coconut Grove home
Douglas Cramer and 5901 North Bayshore Drive (Getty, Felipe Ariano)
“Dynasty” producer Douglas Cramer pays record $8M for Morningside home
“Dynasty” producer Douglas Cramer pays record $8M for Morningside home
Make-A-Wish South Florida CEO Norman Wedderburn and 350 Northwest Sixth Street (Getty, Google Maps)
Make-A-Wish pays $8M for Overtown dev site
Make-A-Wish pays $8M for Overtown dev site
Ben Bernstein and Ryan Shear with a rendering of the project at 2407 Northwest 2nd Avenue, Miami (RedSky, PMG, Google Maps)
PMG adds to assemblage of planned Society Wynwood project
PMG adds to assemblage of planned Society Wynwood project
Michael Stern and a rendering of the project (Getty, JDS Development/SHoP Archictects)
Michael Stern pays $24M for future site of 62-story Brickell tower
Michael Stern pays $24M for future site of 62-story Brickell tower
1396 Northwest 36th Street with Integra's Paulo Tavares de Melo and EHDOC's Melanie Ribeiro (Photos via Getty; LinkedIn)
Integra, partner move forward with $58M senior housing project in Allapattah
Integra, partner move forward with $58M senior housing project in Allapattah
Angel Febres, partner, Homecookin’ Hospitality and Metro 1 Managing Director Andres Nava
Wynwood nightclub building hits the market
Wynwood nightclub building hits the market
From left: Benjamin Bernstein, Pan Shiyi, and Zhang Xin (Credit: Google Maps, Dickson Lee/South China Morning Post via Getty Images)
Lender closes on RedSky and JZ’s Wynwood assemblage
Lender closes on RedSky and JZ’s Wynwood assemblage
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...