A joint venture led by Driftwood Capital and Merrimac Ventures has secured construction financing amounting to 145 million US dollars. The funds are being provided by Centennial Bank to advance the development of the Riverside Wharf project along the Miami River in the heart of Downtown Miami.
The total construction volume of the mixed-use complex is estimated at 350 million dollars. On the site located at 114 Southwest North River Drive, bordered by the First Street Drawbridge and Interstate 95, a 167-room hotel will be built across two nine-storey towers.
Capital structure and scheme along the Miami River
To complete the financing package, the sponsors are drawing on the federal EB-5 programme, among other sources. To date, 15 million dollars have been raised through this scheme, with a total volume of 60 million dollars targeted via this route. The federal programme grants residency rights to foreign investors, provided the capital flows into ventures that create or preserve at least ten full-time jobs.
The new development covers a total floor area of around 200,000 square feet. Alongside the hotel operation, extensive spaces for dining and entertainment are planned to enliven the riverfront.
- —A nightclub with an area of around 30,000 square feet
- —An event hall covering approximately 12,000 square feet
- —Restaurant space totalling around 16,000 square feet
- —Reintegration of the popular open-air bar The Wharf into the new concept
Ground lease and planned completion
The site, covering approximately 1.3 acres, is owned by MV Real Estate Holdings, which remains involved in the project as a partner, and the City of Miami. Back in 2022, Miami voters approved a proposal to extend the municipal ground lease agreement by 50 years. The agreement also obliges the consortium to construct a publicly accessible riverfront promenade and a new seawall.
Moss Construction is serving as the general contractor for the venture. Under the current schedule, completion of Riverside Wharf is slated for autumn 2028.
