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Resort Planned for Downtown Miami

(May 2011) posted on Tue May 31, 2011

Genting envisions mixed-use complex


Casino and resort developer Genting Malaysia Berhad is planning a mixed-use development at the current site of The Miami Herald, the newspaper reports. Genting bought a 14-acre site that includes the newspaper’s home office in downtown Miami from the Herald’s owner, the McClatchy Co., for $236 million.

Genting’s proposed development, called Resorts World Miami, will include a hotel, convention space, restaurants, retail and some housing. The property Genting bought includes a building housing the Herald, El Nuevo Herald and Brown Mackie College, all of which are expected to relocate within two years.

Profits from the sale to Genting will be used to fulfill the McClatchy Co.’s pension obligations, pay debt and cover the taxes associated with the sale, the Herald reports. The sale follows the collapse of an earlier $190 million deal to sell 10 acres of parking lots to developer Mark Siffin, who had received approval to build a high-end retail center and two media towers at that site.

Genting Malaysia Berhad owns half of Miami-based Norwegian Cruise Line and is a partner with Universal Studios in its Sentosa theme park in Singapore. Its holdings also include a video lottery facility in New York and 46 casinos in the United Kingdom.
 


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