Mixed Use Mega Project in Downtown Miami Takes another Step
by Sep Niakan | October 21, 2013
A new mixed-use development is underway in Miami. The Miami Herald's entrance as well as an adjacent two-story parking garage was demolished by the Genting Group in preparation for the construction of the new mega-development site. Genting Group, based in Malaysia, plans to construct luxury condos and restaurants as well as a five-star hotel. Retail space and an 800-foot promenade located along 14 acres spanning Biscayne Bay will round out the site.
The original proposal also included plans for a billion-dollar casino. Those plans have since been downsized as Genting has yet to obtain a gambling license from the state legislature for operation in Downtown Miami.
Genting has already moved their operations into the Omni Offices building located on Biscayne Boulevard near the construction site. The group purchased the former Miami Herald site for $236 million after the newspaper relocated from their downtown location to Doral. The Miami Herald operated from the Biscayne Bay location from 1963.
Sales for the luxury condos have not begun yet, but are anticipated to begin early next year. A partner has not yet been chosen for the hotel. Genting is still vetting approximately one dozen potential candidates. Once completed, the new project known as Resorts World Miami, will prove to be a significant mixed-use property in Miami.
A number of factors make this development unique to others in the area. Among those elements is the fact that the new promenade stretching along Biscayne Bay will allow pedestrians to gain direct access to the new Museum Park that is currently under construction in the area. Two luxury condo towers will include several hundred units per tower offering unparalleled views of Biscayne Bay. This historic shops located along Biscayne Boulevard are also planned to be rehabilitated as part of the development plans. Pending state approval, a marina is also planned for yachts.
The Genting Group, which owns Norwegian Cruise Line, is funding the $2 billion cost for the development project. When complete, the project will be one of the largest privately funded developments in the state.
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