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

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.