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.”