Terra & Turnberry’s $600M Grand Hyatt Miami Beach Begins Vertical Construction

Key Points

• $600 million development with 800 keys (52 suites), set to open late 2027.

• Offers 90k sq ft indoor + 10k sq ft outdoor meeting space, linked via skybridge to the Miami Beach Convention Center.

• Project backed by $392 million in financing from TYKO Capital + $75 million in public grants, creating hundreds of jobs and boosting convention tourism.

Miami’s convention scene is getting a major upgrade. After breaking ground in May 2025, the Grand Hyatt Miami Beach—developed by Terra Group and Turnberry Associates—has begun vertical construction.

Project Overview

• Developers: Terra Group & Turnberry Associates

• Location: 17th Street & Convention Center Drive, adjacent to Miami Beach Convention Center

• Design: 17-story tower by Arquitectonica under Bernardo Fort‑Brescia; podium retail lining street frontage

Features & Amenities

• 800 guestrooms, including 52 suites with ocean/city views

• Meeting v. hospitality space: 90k sq ft indoors + 10k sq ft outdoor; 4 floors of event space

• F&B & retail: Five food/beverage venues, including a pre-leased signature restaurant; street-level retail to animate pedestrian flow

• Amenity-rich: Resort-style pool deck, fitness center, Grand Hyatt club lounge

• Connectivity: Climate-controlled skybridge directly linking to convention center

Financial & Economic Context

• Financing secured: $392 million construction loan from TYKO Capital (backed by Elliott Investment Management), arranged by Eastdil Secured

• Public support: $75 million grant from Miami Beach Redevelopment Agency in 2024; city voters approved project in 2018

• Construction: Balfour Beatty awarded ~$385 million contract; site work began late April 2025; completion expected Q4 2027

Market & CRE Insights

• Convention draw: The 1.4 million-sq‑ft Miami Beach Convention Center has ramped up demand. This hotel adds capacity and seamless access—critical for big events.

• Economic impact: At peak, over 500 construction jobs and year-round hospitality staffing; boosts local tax revenue and tourism spending.

• Investor positioning: It fills a gap for large-scale convention lodging. Occupancy is up 3.4% year‑over‑year; RevPAR rose 8.4%—momentum that this project captures.

The Grand Hyatt Miami Beach emerges as a CRE cornerstone: a deeply financed, city-supported $600M build that anchors Miami’s convention district and energizes hotel-led development. With strategic design, strong financing, and high-impact amenities, it's poised to elevate the city’s hospitality landscape and deliver long-term returns for CRE investors.