Genting Group has received five bids over $1 billion following a marketing period led by Avison Young’s Florida Capital Markets Group for the former Miami Herald site in Downtown Miami, one of the largest and most valuable development sites in the United States. The largest bid values the property at just under $1.5 billion for the rare Omni District waterfront site. The land is a ±15.5-acre development opportunity which was dubbed BayCity Miami.
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Genting Group Seeking Over $1 Billion For One Of The Largest And Most Valuable Waterfront Development Sites In The U.S.
Genting Group is seeking over $1 billion for its Omni District waterfront land, a ±15.5-acre development opportunity dubbed BayCity Miami at 1431 N Bayshore Drive in Miami. With 800 linear feet of direct Biscayne Bay frontage and highly aggressive zoning, it is considered the most desirable development sites and one of the largest waterfront land assemblages currently available in the U.S.
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Florida East Coast Realty Sells Brickell Waterfront Development Site For Record $363 Million In Mega-Deal
Florida East Coast Realty has sold a 2.5 acre prime waterfront development site in Brickell in a mega-deal for a record $363 million. The transaction breaks the previous record set when the former Miami Herald site in Downtown Miami sold for $236 million. The buyer paid roughly $145 million per acre, $3,340 PSF dirt value, for the site which is located at 1201 Brickell Bay Drive.
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Meridiam Becomes Lead Investment Partner in Miami Beach Monorail Consortium’s Beach Corridor Plan
The Miami Beach Monorail Consortium has announced that the global infrastructure investment firm Meridiam has become the lead investment partner for the Consortium’s proposed mass transit monorail that would connect Downtown Miami and Miami Beach.
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Ready For Art Basel? Check-Out The New Downtown Site For CONTEXT Art Miami And Art Miami
Art Miami has released a new drone video of their 250,000 SF installation for Art Basel which will house the popular Art Miami and CONTEXT Aft Miami shows. The location at One Herald Plaza, the current Genting property and former Miami Herald site,
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Resorts World Moves 1-Step Closer To Reality, Submits Replat To Redevelop Bus Terminal
Resorts World has moved another step closer to becoming a reality after submitting their proposed replat of Awana Forest to Miami City Planners. The replat includes the county bus terminal with the Adrienne Arsht MetroMover, which Resorts World previously won county approval to redevelop in March of this year (2017).
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Genting & Resorts World Submit Proposal to Redevelop Omni Transit Terminal with Hotel
New details are emerging of the Genting and Resorts World proposal to redevelop the Omni transit terminal and add a new hotel to the property. The redevelopment will feature a 300-room hotel designed by Arquitectonica, with 162,000 SF of hotel and 229,800 SF of residential condominiums. Resorts World will add a Grand Public Plaza to the property. The project will integrate the historic, currently under-renovation Boulevard Shops, the redevelopment of the Omni Mall as Resorts World and Crystal Cruises' headquarters, as well as the future mixed-use project on the former Miami Herald lot which will feature 2 residential towers, a hotel tower, retail, food and dining, entertainment and an 800-foot baywalk.
Photo via Miami Herald
Resorts World Applies to Renovate The Omni into Office Space & Boulevard Shops Update
Change may finally be coming to the vacant Omni Mall in Edgewater at 500 Biscayne Boulevard as Resorts World Omni, LLC has applied for a construction permit to renovate 24,550 SF into office space. Blufin Construction is the contractor on record for their application. Currently both Resorts World Bimini and Crystal Cruises use 500 Biscayne Boulevard as their headquarter address. Crystal Cruises last year leased 40,000 SF of office space in the Omni Building, adjacent to their Boulevard Shops sales center. Resorts World Bimini and Crystal Cruises are owned by Genting Group, a Malaysian conglomerate that has business interests in leisure, hospitality, plantations, properties, power generation, oil and gas, e-commerce, information technology and biotechnology.
Last year Crystal Cruises began reconstruction of The Boulevard Shops on an adjacent lot at 1401 Biscayne Boulevard. Their plan was unveiled at the 2016 Fort Lauderdale SeaTrade show for the Boulevard Shops project for Crystal Cruises which will include a renovation and expansion of the historic building to offer a cafe and bistro with indoor and outdoor seating, cigar bar and sales center for Crystal Residences. Crystal Residences will be onboard condos featured on 2 of their cruise ships. The renovation of The Boulevard Shops is being designed by architect Richard Heisenbottle.
Genting/ Resorts World Submits Plans for 3 Towers in Downtown
Malaysian developer Genting Group has submitted their plans for Federal approval for their proposed Resorts World development at the former Miami Herald site in Downtown Miami at 1 Herald Plaza. The land has sat there essential untouched, less a fence being constructed on the site several months ago. On January 23, Genting submitted plans for 3 towers to the FAA. Each tower is proposed to rise 642 SF above ground (649 SF above sea level). The FAA had previous approved the three towers at the same height in 2013 when Arquitectonica submitted their application on Genting's behalf. The approval expired on January 10, 2017. Genting has also been working to gain approval to construct a marina behind the site which would house 50 boat-slips and a mega-yacht harbor. They also have a deal in place with Art Miami to move the annual show to the site. Genting purchased the 5.65 acre site in 2011 for $236 million with the plans to build a casino but state and county officials have been slow to approve any plans that would allow gambling.
