Biscayne Bay Development Plans from the Genting Group Makes Significant Advances
The Miami City Commission took the first leap in the upcoming marina development along Biscayne Bay, which is slightly north of downtown Miami, with a decision to begin clearing the area for the future development of Resorts World Miami.
The commission is acquiring the deeds for submerged land in Biscayne Bay along with additional submerged land in that area. The plan is to take these deeds and turn them around by leasing them to the Genting Group. The Genting Group is a Malaysia based development company and the movement behind the multimillion dollar development along Biscayne Bay.
The Genting Group had their sights set on building a large casino in the same location. They went as far as issuing a lawsuit against Miami-Dade county in 2014, but after remaining road blocked for several years, they adjusted their goals to focus instead on building a mixed-use project. This newly adapted project will include two residential towers, a hotel, multiple retail fronts and additional parking, and an 800 ft walkway right along the Biscayne Bay.
The land Genting wants to acquire is the submerged land formerly occupied by the Miami Herald. In addition, there was also a portion of the submerged land already sold to FDOT – The Florida Department of Transportation, which the FDOT has agreed to transfer ownership back to the city after a unanimous vote by the commission to lease that land to the Genting Group. The city will lease this land to the Genting Group which will provide the Genting Group with the space they need to develop planned mega-yacht marina harbor with 50 slips.
In December the Miami City Commission voted on whether to lease the land for development to the Genting Group. With the Miami City Commission voting in favor of the lease, it won’t take long for the Genting Group to take the next step in this multimillion-dollar expansion.
Genting’s attorney Spencer Crowley has confirmed the plan to build not only the mega-yacht marina, but also move along with the development of the Miami Resorts World.
Genting acquired the prior Miami Herald site in 2011 for $236 million. The land purchased by Genting from the Miami Herald has been vacant since the demolishment of the building in 2011. Genting also purchased the nearby Omni retail and hotel complex for a substantial $185 million.
Now that foundations are laid, construction will be expected along Biscayne Bay for the next several years, bringing the Miami Resorts World and its mega-yacht marina to fruition. With the city in favor and the Genting Group funding the project, it is bound to be a successful addition to Miami.