Miami Herald building
The Genting Group plans to launch sales as early as next year at their new condominium project at the soon-to-be-redeveloped waterfront headquarters of the Miami Herald, the eponymous paper reported. Genting also hopes to sign with a four-star hotel operator to develop the project’s third tower by year’s end, Bill Thompson, senior vice president of development for Resorts World Miami, told the Herald. [more]
Resorts World Miami
Genting Group’s plan to bring a mixed-use casino to 30 acres adjacent to the Adrienne Arsht Center for the Performing Arts in downtown Miami, will not be affected by the firm’s recent $350 million purchase of 87 acres in Las Vegas, the South Florida Business Journal reported. [more]
A rendering of Resorts World Miami
Genting Group officials met with owners and managers of buildings near the proposed site of their casino Friday in hopes of gaining their support for the project, the Miami Herald reported.
Genting reassured the Building Owners and Managers Association that its Resorts World Miami complex would not contain any office space, which would add to an existing oversupply. [more]
A plane at Miami International Airport
A major selling point for the developers lobbying to bring casino resorts to downtown Miami is the boost it would provide to hotels, restaurants and other staples of the tourism industry.
But the Miami Herald questions whether the costs of legalizing gambling are really worth whatever benefit it may offer to a vacation industry that just posted its best year ever despite the recession. Miami hotel room revenue rose 14 percent in 2011, the third largest gain in the nation, and hotel tax revenue skyrocketed 29 percent even after a strong 2010. [more]
Malaysian firm Genting made a splash in Miami in May when it paid $236 million for the headquarters of the Miami Herald, aiming to build a destination casino resort, with two Florida lawmakers sponsoring a bill that would make that happen. In the interim, the company has also taken ownership of the nearby Omni mall, all part of what could be a major shakeup for a long-stagnant corner of downtown Miami. To lead the project, dubbed Resorts World Miami, the company named Christian Goode president following his work as CFO at the recently-opened Resorts World New York project. The Real Deal talked to Goode about the progress of the Miami plan, early success at Resorts World New York and the company’s moves in Miami real estate. [more]
Genting’s Resorts World Miami has named its senior management, following the announcement of former Resorts World New York CFO Christian Goode as president. The company, which is planning a casino resort for the downtown Miami site that is currently occupied by the Miami Herald, named seven new officials, including Dan Sternberg as senior counsel, William Thompson as senior vice president for development and Farooq Rehmatwala as vice president of business and community affairs. Ray Valentino has been named the General Manager of the Hilton Hotel, which is located in the Omni project that Genting officially took over last week. — Alexander Britell [more]
Related Group CEO Jorge Perez may have made off with a quick $60 million profit on Miami real estate, but he isn’t happy about it, according to the Wall Street Journal. The developer paid $100 million for the first mortgage on the Omni International Mall in May and a few months later Genting bought it from him for $160 million. 8 Comments
Genting, which purchased the Miami Herald headquarters earlier this year, released its plans for the resort it intends to build on the site, Resorts World Miami. The resort would cover 10 acres and include a gambling floor, something for which it would need legislative approval. “It took all of two meetings to decide on [the plan],” said Genting Group Chairman and CEO KT Lim. “The more we look at it, the more we like it. It will be the face of Miami.” The designer for the project is Coconut Grove-based Arquitectonica. [Miami Herald]
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Asian companies are behind the two largest commercial projects in Miami this year, with Hong Kong’s Swire Pacific obtaining approval for Brickell CitiCentre, and Genting Malaysia Berhad paying $236 million for the waterfront site of the Miami Herald. The Brickell project is a $700 million plan of retail, hotel, residential and office space. According to Mayor Tomas Regalado, the Swire project will bring in $2 million in permit fees next year, along with $5.5 million in annual property taxes. Regalado visited Taiwan in May, and city officials are planning a trip to Peru in November. In all, overseas buyers bought $447.9 million worth of commercial property in the first half of this year in Miami, according to Real Capital Analytics. “The large-scale projects indicate the interest to stay in the market a significant amount of time,” said Ben Thypin, market-analysis director at Real Capital. “I think of Miami along the lines of a San Francisco or Manhattan.” [Bloomberg]
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Genting Malaysia Berhad has chosen Miami-based Arquitectonica to design a $3 billion mixed-use project Resorts World Miami. Genting Group Chairman and CEO KT Lim announced the hire last night at an evening reception at Adrienne Arsht Center for the Performing Arts, according to the Miami Herald.
The reception was an effort by Malaysia-based Genting to assimilate into the local community three weeks after it bought 19.9 acres of waterfront property occupied by the Herald for $236 million, on which the resort will sit, the Herald said. [more]
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