The Real Deal Miami

Resorts World in talks with the city of Miami to lease marina land

Marina would be part of multimillion-dollar redevelopment
December 11, 2017 02:50PM

Rendering of marina component for Resorts World Miami (Credit: Next Miami)

Resorts World Miami is in talks to lease land where it plans to build a marina, part of a multimillion-dollar redevelopment plan in Miami’s Arts and Entertainment District.

The Genting Group subsidiary wants to lease submerged land that’s owned by the city of Miami and the Florida Department of Transportation, according to the Next Miami. FDOT acquired a portion of the land from the city to build the MacArthur Causeway, and has agreed to deed back the land to the city. The Miami commission will vote on accepting the deed back this week.

Genting owns about 30 acres of land in the A&E District, which is north of downtown Miami. That includes spending $236 million for the waterfront site at 1 Herald Plaza, formerly the Miami Herald building, and $185 million on the adjoining Omni retail and hotel complex.

Resorts World is planning to build a mixed-use project on the former Herald land, which would include two residential towers, a hotel, retail and parking, and an 800-foot baywalk. Last year the developer announced plans to build a mega-yacht harbor with 50 slips in Biscayne Bay along the former Herald site.

The Malaysian gambling giant originally wanted to build a 5,000-room casino resort on the land, but its efforts have been stymied for years. The company has lobbied unsuccessfully for a state a law that would allow the casino development. [The Next Miami] – Amanda Rabines