The Real Deal Miami

Genting buys rights for marina at Resorts World Miami site downtown

Developer bought rights from company affiliated with Matheson family

July 12, 2016 02:15PM

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Early rendering of Resorts World Miami that shows a marina component

Early rendering of Resorts World Miami that shows a marina component

With a flurry of lawsuits between itself and Miami-Dade County, the fate of Genting Group’s proposed Resorts World Miami project on the former Miami Herald site seemed to be up in the air.

But behind the scenes, a small deal could equate to a sign of life for the development.

Resorts World Miami, the legal entity through which Genting operates in Miami, recently bought rights to build a 20-slip marina at the now-vacant Herald site in Miami’s Arts & Entertainment district, according to the Next Miami. A company called Miami River Marina, managed by Finlay Matheson of the famed Matheson family, was the seller.

Matheson had originally acquired rights to build the boat slips at 1995 Northwest 11 Street along the Miami River from Miami-Dade’s Department of Environmental Resources Management, according to the Next Miami. The price for Matheson’s sale of its rights to Resorts World Miami was undisclosed.

The deal is a singular sign of activity from Resorts World Miami’s Herald site, which has stagnated ever since the newspaper’s building was demolished in 2014. Genting paid $236 million for the site in 2011.

Last month, the developer and Miami-Dade’s Property Appraiser sued each other over years of property tax breaks that added up to millions in savings for Resorts World Miami.

Genting also filed a separate suit in Miami-Dade and the state attorney’s office to try and force the allowance of slots and card games at the former Omni mall in downtown Miami, which it also owns. [The Next Miami]Sean Stewart-Muniz