Illustrative image. This is not a rendering or photograph of Riverside Wharf.
Centennial Bank has closed a $145 million construction loan for Riverside Wharf, a planned $350 million hospitality and entertainment complex on the Miami River in downtown Miami, the South Florida Business Journal reported Nov. 8. The financing is for a project that is already under construction and is expected to be completed in fall 2028, according to the journal.
The loan goes to project partners Driftwood Capital, MV Real Estate Holdings and Merrimac Ventures, according to the South Florida Business Journal. The financing was first reported in late October. The later report confirms the loan’s closing and brings the project’s current scope and timeline into focus.
A hotel, nightclub, event hall and restaurants
Riverside Wharf is planned for 114 Southwest North River Drive, along the Miami River. The approximately 200,000-square-foot development is expected to cost $350 million, according to the South Florida Business Journal and Commercial Observer.
The planned program includes a 167-room Dream Hotel, a 30,000-square-foot nightclub, an event hall and restaurant space, the South Florida Business Journal reported. Those uses place hospitality and entertainment at the center of the project, alongside its hotel rooms. Neither report identifies a nightclub operator or specific restaurant tenants, so those details remain unannounced in the cited coverage.
The project combines multiple uses within one development, but the loan announcement does not provide a breakdown of how the $145 million will be allocated among them. The stated project budget is $350 million; the construction loan is the financing now reported closed by Centennial Bank.
Illustrative image. This generic construction scene does not depict Riverside Wharf or document its current construction status.
Partners and financing
Driftwood Capital, MV Real Estate Holdings and Merrimac Ventures are identified as the project partners in the loan reporting by the South Florida Business Journal and Commercial Observer. Centennial Bank provided the construction financing, according to both outlets.
A separate announcement from Sidley Austin, dated Oct. 28, says the law firm represented Driftwood Capital and MV Real Estate Holdings in the development. That announcement identifies the two firms as clients in the project, while the business reporting also names Merrimac Ventures as a partner.
The closed loan marks a key financing milestone for a project with a considerably larger overall budget. But the reports do not state that the loan covers the entire $350 million cost, nor do they provide a full capital breakdown. What is confirmed is that Centennial Bank provided $145 million in construction financing for Riverside Wharf.
Construction is underway
Construction has begun, and completion is expected in fall 2028, according to the South Florida Business Journal. The reported schedule places the opening of the full development roughly two years out. The report does not give a separate date for the Dream Hotel’s opening.
For now, the confirmed timeline is for completion of Riverside Wharf as a project, not a specific hotel launch or nightclub debut. The hotel brand and room count are identified, but an exact opening date has not been reported by the cited sources.
What to watch next
The next visible measure of progress will be construction milestones as work continues toward the fall 2028 completion target reported by the South Florida Business Journal. The loan closing provides confirmation of construction financing, while the project’s schedule remains the stated expectation rather than a guarantee of a particular opening date.
Further details on the Dream Hotel’s opening timeline will also help clarify when the hotel portion is expected to welcome guests. The available reports do not identify that date, and they do not name operators for the nightclub or restaurants.
Riverside Wharf’s confirmed scope is substantial: a 167-room hotel, a large nightclub, an event hall and restaurant space in a roughly 200,000-square-foot development. With the loan closed and construction underway, the milestones to follow are whether work advances on schedule and when the hotel brand sets its opening plans.
For more local business and development reporting, visit the South Florida Digest Business section.
