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Genting inks multi-year deal for events at former Miami Herald site

Agreement means Genting won’t be redeveloping the bayfront property anytime soon

Aerial view of Herald Plaza during Art Miami (Credit: Art Miami)
Aerial view of Herald Plaza during Art Miami (Credit: Art Miami)

Malaysian gambling giant Genting Group isn’t redeveloping the former Miami Herald site in Miami’s Arts & Entertainment District – at least not for now.

Genting’s Resorts World Miami inked a multi-year deal with Miami-based Loud and Live to use the 14.6-acre property as an event venue, according to a press release. The announcement comes less than two months after Art Miami and Context moved their annual art fairs from Midtown Miami to the bayfront site, formerly known as 1 Herald Plaza.

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Genting paid $236 million for the property in 2011 with plans to develop a luxury casino and resort, but the gambling component has been blocked by significant legislative opposition. Genting has assembled about 30 acres of land in the A&E District, including spending $185 million on the adjoining Omni retail and hotel complex.

More recent plans for 1 Herald Plaza called for two residential towers, a hotel, retail and parking, and an 800-foot walkway along the bay.

The Miami City Commission recently 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 Genting. – Katherine Kallergis

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Commercial Real EstateGenting