The Miami Herald is reporting that Hyatt Hotel Corp. and the City of Miami are in talks to build a new Hyatt Hotel and convention center located next the Brickell Avenue Bridge next to the Northern edge of the Miami River at 400 SE 2nd Ave.

The 612 room Hyatt Regency Hotel and James L. Knight Convention center were built in 1982 and designed by the firm Ferendino Grafton Spillis Candela on a 4.5 acre site at a cost of $110 million.

Hyatt has 12 months to come up with a master plan for the new hotel and convention center. Hyatt's existing lease expires in six years with a 45 year renew option. If a new plan is approved, a new 99 year lease would begin.

If the new plan is approved by Miami Commissioners, a citywide voter referendum will still need to be required to go ahead.