MIAMI-Prepare for the next wave of development in Downtown Miami. Bayfront 2011, a subsidiary of Genting Malaysia Berhad, snapped up 13.9 acres of land in downtown Miami for $236 million.
Bayfront 2011 plans to build a mixed-use development on a parcel that includes the building The Miami Herald currently calls home. Dubbed Resorts World Miami, the project includes hotel, convention, entertainment, restaurant, retail, residential and commercial facilities in line with Miami 21, the city’s comprehensive zoning code. The project will create thousands of construction and permanent jobs and bolster Miami’s position as a tourism hub.
“Resorts World Miami will be a landmark mixed-use development for Miami, Florida and the United States,” says KT Lim, chairman and CEO 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.”
Bound by the MacArthur Causeway on the south, Biscayne Boulevard on the west, and the Venetian Causeway on the north, the site offers 800 feet of waterfront on Biscayne Bay. Both causeways link Miami International Airport with downtown Miami and South Beach. The land is located directly across the street from the Adrienne Arsht Center for the Performing Arts. Miami’s new Museum Park development, the future home of Miami Art Museum and Miami Science Museum, is located immediately to the south.
“This deal is not only a testament to Downtown Miami’s emergence as a destination, it is a strong indicator of its viability as a solid long-term investment,” Alyce Robertson, executive director of the Miami Downtown Development Authority, tells GlobeSt.com. “Projects such as this can have a significant economic impact on our region, enhancing downtown Miami’s standing as a world-class global city that will continue to attract national and international visitors and commerce.”
Genting is a member of The Genting Group, which has a 20-year track record of investing in the US. Genting entered Florida 11 years ago when it acquired Miami-based Norwegian Cruise Line. The Genting Group currently owns 50% of the cruise line. In 2006, Genting Group partnered with Universal Studios to build the Universal Studios Sentosa theme park in Singapore, which celebrated its grand opening over the weekend. Universal Studios Sentosa is part of the $4.5 billion Resort World Sentosa Singapore.
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