Miami-based Terra Group and Aventura-based Turnberry have secured one of the largest financing deals for a hotel development in Miami Beach in a decade.

The joint venture secured $392M in construction financing from New York-based Tyko Capital. With preconstruction work already completed, the site is cleared for the Grand Hyatt Miami Beach, slated to finish by 2027, according to a release.

"With construction financing in place and strong public support behind us, we are eager to bring this landmark hotel to life," Terra CEO David Martin and Turnberry CEO Jackie Soffer said in a joint statement.

The 17-story hotel designed by Miami-based Arquitectonica is set to rise with 800 rooms adjacent to the Miami Beach Convention Center, which the hotel will have a climate-controlled sky bridge to. The plans for the hotel include 12 floors of guest rooms and four floors of meeting and ballroom space, a restaurant, lobby lounge and bar, and ground-floor retail.

There is no set groundbreaking date as of yet, a Terra and Turnberry representative told Bisnow.

Miami Beach voters approved the project on a city-owned site in 2018, but the project was delayed two years due to the pandemic, kicking back up again in 2023, the South Florida Business Journal reported.

Momentum didn’t pick up until October 2024, when the Miami-Dade County Commission approved a $75M taxpayer-funded grant through the Miami Beach Redevelopment Agency, Commercial Observer reported.

The developers are looking to make the hotel a key lodging option for attendees of the Miami Beach Convention Center, which hosts major events such as the American Black Film Festival, Florida Supercon and the Miami International Auto Show.

“Grand Hyatt Miami Beach is a game-changer for major meeting and event planners and a transformative addition to our convention center ecosystem,” the Greater Miami Convention & Visitors Bureau CEO David Whitaker said in a statement.