September 20, 2016
The Miami River Project is a 5 phase, mixed use project. The Project will include 1,678 residential units, 330 hotel rooms, as well as 266,000 square feet of retail/office space. The Project is set to include four towers (most likely residential), a Hotel (which is most likely to be a major hotel flag), a myriad of different stores, restaurants, and a river walk that will be open to the public.
The First phase is set to have a 56-story building with a 207-room hotel, 334 condos, and 42,100 square feet of retail space and a parking garage. The Developers, Chetrit Group and JDS, hired Fortune International to handle condo sales. With the Approval of the city commission back in October of 2015, the developers promised to invest $14 million into affordable workforce housing, as well as $7 million for public infrastructure surrounding the area as well as renovating the Jose Marti Park.
The development sought out a $49 Million dollar pre-development loan, as well as a $1 billion dollar loan for the mixed-use project.