Balfour Beatty kicks off $385M Miami hotel project

Balfour Beatty has mobilized its operations to start building on the Grand Hyatt Miami Seashore resort and conference heart venture in Miami Seashore, Florida, in keeping with an April 29 news release. The development providers contract is valued at almost $385 million.

MB Blended Use Funding, a partnership between South Florida builders Terra Group and Turnberry, awarded Balfour Beatty the contract in January 2023. The venture was supposed to start out that 12 months, however was pushed out till now. On April 11, the builders introduced that they’d acquired $392 million in construction financing for the venture.

“With building financing in place and powerful public help behind us, we’re desirous to carry this landmark resort to life,” stated David Martin, CEO of Terra, and Jackie Soffer, chairman and CEO of Turnberry, within the builders’ information launch.

As soon as full, the 17-story resort will function the central anchor of the Miami Seashore Conference Heart District, in keeping with Balfour Beatty’s launch. The 996,130-square-foot growth will embody 800 visitor rooms, conference and assembly house and floor ground retail areas.

At peak building, the venture will make use of greater than 500 employees, in keeping with Balfour Beatty.

Completion is slated for late 2027.