MIAMI BEACH, FLA. — Terra and Turnberry have received $392 million in financing for the construction of Grand Hyatt Miami Beach, an 800-room hotel situated adjacent to the Miami Beach Convention Center. TYKO Capital, a New York City-based private equity and private credit investment management platform, provided the financing to the South Florida-based developers.
Grand Hyatt Miami Beach will rise 17 stories at 17th Street and Convention Center Drive. The property will offer 12 floors of guest rooms, including 52 suites with views of Miami Beach. Additionally, four floors will feature meeting and ballroom spaces.
Guests will have access to a pool deck with panoramic city views, a restaurant, lobby lounge and bar, as well as street-level retail space. The hotel will feature direct access to the Miami Beach Convention Center via a climate-controlled sky bridge.
Plans for the development also call for new public spaces, pedestrian-friendly promenades, bike-sharing stations and connectivity to public transit.
According to sources familiar with the transaction, Eastdil Secured was involved in arranging the debt on behalf of Terra and Turnberry. Arquitectonica designed the hotel, and Balfour Beatty is serving as the general contractor.
The Miami Beach Redevelopment Agency awarded a $75 million grant for the project in 2024. Grand Hyatt Miami Beach is slated to deliver in late 2027.
“With construction financing in place and strong public support behind us, we are eager to bring this landmark hotel to life,” said David Martin, CEO of Terra, and Jackie Soffer, chairman and CEO of Turnberry, in a joint statement. “Grand Hyatt Miami Beach will fill a longstanding gap in Miami Beach’s hospitality offerings, elevating the conventions and events that come to our community while creating jobs, new revenue and economic impact.”
Terra is a real estate development and investment firm based in Miami. Since the company was launched in 2001, Terra has developed more than 5 million square feet of residential, commercial and mixed-use projects across South Florida. In addition to Grand Hyatt Miami Beach, Terra’s development pipeline includes the $1 billion Upland Park project in Sweetwater, Fla., and the 38-acre Centro City development in Miami.
Headquartered in Aventura, Fla., Turnberry is a developer, owner and operator of residential, retail and mixed-use projects. The company has developed approximately 20 million square feet of retail space, 7,000 apartments and condominiums, 1.5 million square feet of office space and 3,000 hotel and resort rooms. The company is currently developing the St. Regis Hotel and the St. Regis Residences in Nashville and the 184-acre SoLé Mia mixed-use development in North Miami in partnership with LeFrak.
— Channing Hamilton