Home » Florida Articles » Genting Purchases 13.9 Acres of Prime Downtown Miami Land for $236 Million
Genting Purchases 13.9 Acres of Prime Downtown Miami Land for $236 Million
Mixed-use development on former Miami Herald site will create thousands of jobs, draw tourists from around the world.
COCONUT GROVE, FL, June 02, 2011 /Florida PR News/ -- Genting Malaysia Berhad ("Genting") announces that its wholly-owned subsidiary, Bayfront 2011 Property LLC, has purchased about 13.9 acres of land in downtown Miami with plans to build a mixed-use development. The parcel includes the building currently housing The Miami Herald Media Company ("Miami Herald") and an adjacent parking lot. Genting's total investment is $236 million.
Resorts World Miami, as the development will be called, will include hotel, convention, entertainment, restaurant, retail, residential and commercial facilities - all designed in accordance with the City's comprehensive zoning code, Miami 21. In addition to creating thousands of construction and permanent jobs, the project will solidify Miami's standing as one of the world's leading tourism hubs.
"Resorts World Miami will be a landmark mixed-use development for Miami, Florida and the United States," said Mr. KT Lim, Chairman and Chief Executive of Genting. "Downtown Miami has experienced dramatic residential and commercial growth in recent years, and we believe the addition of a large-scale mixed-use and entertainment complex will be a welcomed addition, further elevating the area's status as a global destination."
The newly-acquired site features 800 feet of waterfront on Biscayne Bay to the east and is bounded by the MacArthur Causeway (part of I-395) on the south, Biscayne Boulevard (part of US Route 1) on the west, and the Venetian Causeway on the north. Both causeways link Miami International Airport with downtown Miami and South Beach, one of world's top beach destinations.
The land is located directly across the street from the Adrienne Arsht Center for the Performing Arts of Miami-Dade County, which is among America's largest performing arts centers. Miami's new Museum Park development, the future home of Miami Art Museum and Miami Science Museum, is located immediately to the south.
"Genting will now be working with City of Miami authorities, world-acclaimed architects, urban planners, and stakeholders in the Miami community to develop a comprehensive master plan for Resorts World Miami that leverages this location at the heart of one of the world's most dynamic gateway cities," said Mr. Mike Speller, President of Resorts World.
"The Miami Herald site has long been an iconic jewel in Miami's crown and it should have a smart development plan that enhances the already amazing transformation underway in Downtown Miami," said Marc D. Sarnoff, City of Miami commissioner for District 2 and the chairman of the Miami Downtown Development Authority.
Genting is a member of The Genting Group, which has a 20-year track record of investing in the United States. Its business in Florida started 11 years ago when it acquired Miami-based Norwegian Cruise Line (NCL). The Genting Group currently owns 50% of NCL. In 2006, Genting Group partnered with Universal Studios to build the Universal Studios Sentosa theme park in Singapore, which will celebrate its grand opening this weekend, May 28. Universal Studios Sentosa is part of the $4.5 billion Resort World Sentosa Singapore.
About Genting and The Genting Group
Genting (www.gentingmalaysia.com) is a member of The Genting Group (www.genting.com), the world's largest Destination Resort operator with Resorts World-branded properties in Malaysia, Singapore, Manila and New York City. In addition to Destination Resorts, the Genting Group has global investments in plantations, power generation, oil and gas, real estate, cruise, leisure and other industries.
The Genting Group has five public companies listed on the stock exchanges of Malaysia, Singapore and Hong Kong, with a combined market capitalization of $45 billion and employs more than 50,000 people worldwide.
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