Driftwood Capital Secures $145M Construction Loan For Miami River Entertainment Complex
Driftwood Capital, in partnership with MV Real Estate Holdings and Merrimac Ventures, has closed on a $145 million construction loan from Centennial Bank to advance development of Riverside Wharf, a $350 million hospitality-driven complex on the Miami River. The financing supports vertical construction of the nine-story, two-tower development which is expected to include a 167-key Dream Hotel.
Located at 114 Southwest North River Drive, the Riverside Wharf is designed to span 200,000 square feet and include a 30,000-square-foot nightclub, a rooftop pool day club, a 12,000-square-foot event hall, and 16,000 square feet of signature restaurant space. The development is also expected to include the rebirth and expansion of The Wharf Miami, a planned publicly accessible riverwalk, a seawall, and a pop-up location for Garcia’s Fish Market honoring the neighborhood’s fishing heritage.
Designed by Jon Cardello of CUBE 3 Architects, with Gensler completing construction documents and ICRAVE leading interiors, Riverside Wharf is anticipated to be a catalyst that elevates the Miami River into one of the city’s premier entertainment districts. Moss Construction is serving as general contractor, with completion slated for fall 2028.
“Riverside Wharf is designed to bring together hospitality, dining, entertainment and waterfront access in a single development. Closing this financing is an important step as construction progresses,” said Carlos Rodriguez Jr., President and CEO of Driftwood Capital. “Every part of this development has been carefully planned, creating a new landmark for luxury along the city’s historic Miami River.”
“This financing is what turns vision into vertical construction,” said Alex Mantecon, managing partner of MVREH and co-founder of Breakwater Hospitality Group. “We’ve built something special with Driftwood, Centennial Bank, and the rest of our partners, and we’re excited to keep that momentum going as Riverside Wharf takes shape on the Miami River.”
“This financing supports a concept unlike anything currently operating in Miami, with hospitality, dining, nightlife and public access to the waterfront all thoughtfully integrated in one place,” said J.C. de Ona, Southeast Florida Division President at Centennial Bank. “The sponsors have assembled the right expertise to execute a development of this scale, and Centennial Bank is pleased to stand behind their plans as construction moves forward.”
“Securing this construction financing is a significant milestone for Riverside Wharf and reflects the strength of our partnership with Driftwood Capital and MV Real Estate Holdings, as well as our shared confidence in the future of the Miami River,” said Dev Motwani, Managing Partner of Merrimac Ventures. “Together, we’re bringing back The Wharf – one of Downtown Miami’s most beloved waterfront destinations – while introducing the Dream Hotel, new restaurants and entertainment venues, and vibrant public spaces that that are intended to create an exciting new destination for residents and visitors alike.”
Riverside Wharf joins a wave of mixed-use and hospitality development transforming the Miami River District, reinforcing the corridor’s emergence as one of Downtown Miami’s most active waterfront submarkets.
Key Facts
Property: Riverside Wharf
Location: 114 Southwest North River Drive, Miami, FL
Asset Type: Mixed-use hospitality and entertainment
Developers: Driftwood Capital, MV Real Estate Holdings and Merrimac Ventures
Size: 200,000 SF; nine stories; two towers
Project Cost: $350 million
Financing: $145 million construction loan from Centennial Bank
Hotel: 167-key Dream Hotel
Other Components: 30,000-SF nightclub, rooftop pool day club, 12,000-SF event hall, 16,000 SF of restaurant space and expanded The Wharf Miami
Design and Construction: CUBE 3 Architects, Gensler, ICRAVE and Moss Construction
Expected Completion: Fall 2028