Terra and Turnberry Get Started on Hyatt Hotel Next to Miami Beach Convention
By Julia Echikson January 17, 2023 5:51 pm
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After a pandemic delay, it looks like the hotel project next door to Miami Beach Convention Center is finally getting underway.
The developers — South Florida heavyweights Jackie Soffer’s Turnberry Associates and David Martin’s Terra — anticipate vertical construction to start later this year and be completed in 2025. The joint venture has selected general contractor Balfour Beatty to lead construction.
Located at the intersection of 17th Street and Convention Center Drive on city-owned property, the 17-story development is set to include 800 rooms, which Hyatt will operate. A sky bridge will connect the hotel to the convention center, where events like the Art Basel fair are held each year.
The developers, both which are based in the Miami area, gained control of the site in 2018 after Miami Beach voters greenlighted a lease. Previously, developers such as Portman Holdings had failed to gain voter approval.
The hotel development was initially expected to be completed by this year, but the pandemic, which shuttered Miami’s tourism sector for months in 2020, delayed the schedule. An update about the development’s construction timeline suggests that negotiations to secure financing are close to completion, though a spokesperson for the joint venture declined to comment.
Turnberry is a majority owner of the Aventura Mall, which spans 2.8 million square feet and remains one of the most popular indoor malls in the country. Terra is one of the most prominent development firms in Miami, having partnered with star architects such as Rem Koolhaas, Renzo Piano and Bjarke Ingels.
Julia Echikson can be reached at jechikson@commercialobserver.com.
