Balfour Beatty has officially launched construction on the Grand Hyatt Miami Beach, a highly anticipated hotel and convention center project in South Florida that is expected to significantly enhance the Miami Beach Convention Center District.

The U.S. division of the London-based construction giant announced on April 29 that it has mobilized operations on the 17-story, 996,130-square-foot development. The hotel will feature 800 guest rooms, expansive meeting and convention facilities, and retail space on the ground floor. The construction services contract is valued at nearly $385 million.

The project is being developed by MB Mixed Use Investment, a joint venture between prominent South Florida real estate firms Terra Group and Turnberry. The two developers originally awarded the construction contract to Balfour Beatty in January 2023. However, due to various delays—including securing funding—the start date was pushed to 2024.

The long-anticipated project moved forward after the development team announced on April 11 that they had secured $392 million in construction financing, paving the way for groundbreaking to begin this spring.

“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.

According to Balfour Beatty, the Grand Hyatt will act as a major anchor for the Miami Beach Convention Center District, which has undergone a large-scale transformation in recent years. City officials and business leaders have touted the hotel as a critical piece of infrastructure needed to elevate the city’s convention and tourism offerings.

The new Grand Hyatt is expected to serve as a central hospitality hub for business travelers and large-scale events, providing much-needed lodging and event space adjacent to the convention center.

At peak construction, the project will employ more than 500 workers, further contributing to the local economy and construction workforce in the Miami region.

Completion of the project is anticipated in late 2027. Once open, the hotel is expected to support year-round tourism and event activity, helping Miami Beach better compete with other major convention destinations.

Originally reported by Matthew Thibault in Construction Dive.