Balfour Beatty has mobilized its operations to begin construction on the Grand Hyatt Miami Beach hotel and convention center project in Miami Beach, Florida, according to an April 29 news release. The construction services contract is valued at nearly $385 million.
MB Mixed Use Investment, a partnership between South Florida developers Terra Group and Turnberry, awarded Balfour Beatty the contract in January 2023. The project was supposed to start that year, but was pushed out until now. On April 11, the developers announced that they had acquired $392 million in construction financing for the project.
"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 the developers’ news release.
Once complete, the 17-story hotel will serve as the central anchor of the Miami Beach Convention Center District, according to Balfour Beatty’s release. The 996,130-square-foot development will include 800 guest rooms, convention and meeting space and ground floor retail areas.
At peak construction, the project will employ more than 500 workers, according to Balfour Beatty.
Completion is slated for late 2027.
