Driftwood Capital, Merrimac Ventures Land $145M for Waterfront Hotel in Miami
Centennial Bank provided the construction financing for the waterfront, 167-room project
By Julia Echikson October 26, 2026 1:45 pm
reprints
A venture led by Driftwood Capital and Merrimac Ventures has secured a $145 million loan to build a hospitality and retail-focused development along the Miami River.
The construction financing from Centennial Bank covers the $350 million Riverside Wharf development, which will feature a 167-room hotel across two nine-story towers at 114 Southwest North River Drive, surrounded by the First Street Drawbridge and Interstate 95, in Downtown Miami.
To complete the capital stack, the developers have raised $15 million through the EB-5 program, with the goal of reaching $60 million, according to a representative for the development team. The federal program grants green cards to foreigners, who invest in projects that create or preserve at least 10 full-time jobs.
The 200,000-square-foot project will also house a 30,000-square-foot nightclub, a 12,000-square-foot event hall, and 16,000 square feet of restaurant space. The Wharf outdoor bar, which was previously located on the site, will be part of the new offering.
Construction is expected to be completed in the fall of 2028, with Moss Construction serving as general contractor.
The 1.3-acre Riverside Wharf will rise on land owned by both MV Real Estate Holdings, which remains a partner in the project, and the City of Miami. In 2022, voters approved the sponsor’s request to extend the ground lease by 50 years with the city. The agreement also calls for the construction of a publicly accessible riverwalk and a new seawall.
Julia Echikson can be reached at jechikson@commercialobserver.com.
