Dec 16, 2022 - News

Chetrit revives $1B Miami River megaproject with Groot's touch

A rendering shows tall, shiny buildings with boats on the river in front.

The River District. Rendering courtesy of Kobi Karp Architecture and Interior Design

New York real estate developer Chetrit Group is reviving a long-planned $1 billion real estate project in Brickell, teaming up with Miami nightclub impresario David Grutman.

Why it matters: The 4 million-square-foot project — which was first approved in 2015 and has a design inspired by the beachfront walkways of Brazil's Rio de Janeiro — will bring housing, retail and a marina to the area, effectively creating its own district.

Details: The River District development is planned on six acres of waterfront south of the Miami River, between I-95, SW Second Avenue and Jose Marti Park.

  • The project is centered around four skyscrapers: an office tower, a luxury condominium tower and two rental apartment towers. Combined, they will bring 1,600 residential units to the area.

What they're saying: Groot Hospitality founder David Grutman — who's developed Miami hotspots including the Goodtime Hotel, nightclubs LIV and Story and numerous restaurants — said in a statement that the Brickell project will include some of his company's "existing concepts."

  • They'll also try some new ideas "across residential, restaurant and entertainment spaces," Grutman said.

"We really think Miami is a market that's here to stay," developer Michael Chetrit, whose family company has been involved in major real estate projects around the world, told Bloomberg.

Of note: Chetrit Group is moving to redevelop the Hollywood Beach Resort.

Look ahead: Construction is underway on the first rental tower and retail buildings.

  • The condo is slated to break ground in early 2023 and be completed in 2026.

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