The planned supertall entertainment complex SkyRise, which was slated to rise in Downtown Miami’s Bayside Marketplace, has been cancelled after the developer was unable to secure financing. The entertainment and observation tower was being developed by Berkowitz Development Group. The tower was set to rise over 1,000’ was designed by Arquitectonica. The site is set to be restored and Bayside Marketplace can work with the City of Miami to bring in another developer for the parcel.

SkyRise was first proposed in 2013 before being derailed by lawsuits and contested use of public subsidies. In 2015 the Florida Supreme Court put a stop to challenges by community activists who aimed to stop development of the project. In late 2018 it was announced that SkyRise would begin construction in Q2 2019 with Plaza Construction having been retained the contractor, but the developer was ultimately unable to secure financing.

SkyRise Miami would have featured an indoor controlled free-fall system, a “drop tower-style” ride set to hit speeds of 95 mph and a selection of observation decks overlooking Biscayne Bay, PortMiami, Miami Beach, Key Biscayne, the Atlantic Ocean and the Miami Skyline. In 2016 it was announced that Berkowitz Development Group had inked a deal with Legends Hospitality Group for day-to-day management, guest interactions, sales and marketing, as well as food and beverage operations.