Downtown Miami Waterfront Development Site Set To Bring Over $1 Billion

 
After more than 10 years of attempts, Genting Malaysia is throwing in the towel on its Downtown Miami casino complex. They have listed the waterfront 15.5 acres for sale in an auction-like scenario. The site is one of the largest undeveloped tracts along the Miami waterfront and once was home to the Miami Herald newspaper offices.

Whispers had been circulating for years after Genting paid $236 million for the property in 2011. The intention was to bring a mega-development with hotels, condos, offices and a sprawling entertainment complex with casinos and theaters galore. The problem was obtaining approval for the casino portion in Miami. After demolishing the old Miami Herald building in 2014, the land has been mostly vacant, save for the Miami Boat Show tents, Art Miami tents and other festival usages.

Rendering of Resorts World Miami Bayfront

As of today, it has been announced that at least 5 of the bids for the waterfront site surpass $1 Billion, with at least one inching very close to $1.5 Billion. The executives at Genting will review the 5 bids and choose their 3 favorite to go to the next round of bidding. If they achieve the price that is in their minds, this will be the highest price paid for any development site in the country, according to the land broker involved in the sale.

While the bidders have not been named, word on the street is that they are a mix of international and domestic firms. The potential uses could be office space, high-end condos or some sort of entertainment destination (with the understanding that a casino license is a politically tough proposition).

Genting is reserving 10 acres to the west of this site, including the Omni mall, for future development. They plan to reinvest the proceeds of the sale into a possible expansion of the Resorts World slot-machine parlor in Queens, New York.

We are eager to hear what will become of this prime site!

If you are interested in more information about this area and possible nearby investments, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.

Resorts World Miami Site