The Real Deal Miami

Miami marina development planned by Genting Group advances

City commissioners agreed to accept a deed to submerged land that Miami would lease to the Malaysian company
January 06, 2018 09:15AM

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

The Miami City Commission took a step toward clearing the way for a marina development along Biscayne Bay just north of downtown Miami.

The commission agreed to accept a deed for submerged land in Biscayne Bay, which the city would lease along with other submerged land for a marina development by Malaysia-based Genting Group.

Genting wants to lease the submerged land for a marina on the waterfront site formerly occupied by the Miami Herald daily newspaper at 1 Herald Plaza.

Genting bought the former Miami Herald site in 2011 for $236 million. The company also bought the nearby Omni retail and hotel complex for $185 million.

A Genting subsidiary is negotiating to lease the submerged land owned by the city of Miami and the Florida Department of Transportation (FDOT) for the development of a 50-slip mega-yacht marina.
FDOT, which acquired a portion of its submerged land from the city to build the MacArthur Causeway, has agreed to transfer ownership back to the city.

The Miami City Commission voted unanimously to direct the city manager to accept the deed for FDOT’s submerged land, which would be leased along with other submerged land to Genting.

The city is negotiating terms of the lease with Genting subsidiary Resorts World Miami LLC. Resorts World also 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 walkway along the bay. [Miami Today]Mike Seemuth