Miami's New $3.1 Billion Mixed-Use Mega Project Unveiled, Largest Real Estate Development in North America Since 2004

Miami's New $3.1 Billion Mixed-Use Mega Project Unveiled, Largest Real Estate Development in North America Since 2004

Residential News » Residential Real Estate Edition | By Michael Gerrity | September 15, 2011 11:38 AM ET

(MIAMI, FL) -- Last night at a press conference held in downtown Miami, the Genting Group, a deep-pocketed and publicly traded Malaysian property developer, showcased its new master plan of Resorts World Miami.

It is a proposed new luxury $3.1 billion dollar city-within-a-city mixed-use residential and resort project that includes 2 residential condo towers (1,000+ new luxury condo units), 4 luxury hotels (5,200 combined rooms), 50 restaurants and bars, 60 luxury shops, massive convention room, ballroom space and a large yacht marina on the bay.

There is also talk of a full-scale casino floor in the resort section of the project, provided the developer gains approval for a gaming license from the Florida legislature within the next year.

With exception to Walt Disney World in Orlando, this is the largest private property development in Florida's history, and the largest property development (in terms of dollar value) to be announced in North America since 2004, when Las Vegas' $8.1 billion mixed-use CityCenter project was first announced.

The 13.9 acre Resorts World Miami site (currently the Miami Herald site) was purchased three months ago by Genting Group for $236 million dollars. The site features 800 feet of waterfront on Biscayne Bay to the east and is bounded by the MacArthur Causeway (part of I-395) on the south, Biscayne Boulevard (part of US Route 1) on the west, and the Venetian Causeway on the north.

Genting also just acquired this past week the two mortgage notes on the current Omni Center site and structure to the north, which will further expand the sites footprint.

The Miami Herald has two years to identify a new corporate home before Genting razes the site for construction of this project.

"Resorts World Miami introduces a new vocabulary of architecture to Florida, one that is inspired by the ocean and Florida's coral reefs," said Bernardo Fort-Brescia, Co-Founder and Principal of Arquitectonica, the world-renown architecture firm based in Miami. "At Resorts World Miami, building designs echo familiar forms that are part of our identity, including tropical fish and seashells. When you describe Miami and Florida, you inevitably come back to the water. We have captured that relationship with Resorts World Miami's design."

Upon completion, the iconic looking tulip-shaped towers of glass and steel are expected to have a significant impact on the local Miami economy.

"Resorts World Miami will accelerate Florida's evolution as a global destination at the crossroads of the Americas," said Mr. KT Lim, Chairman and Chief Executive of Genting. "Most importantly, Resorts World Miami will boost confidence in Florida's economy, creating 15,000 direct and indirect construction jobs and 30,000 permanent positions on an ongoing basis, attracting more inbound investment, and substantially increasing the tax base for the city, county and state."

Many local real estate agents are voicing their excitement today about this project, as it will also bring hundreds of new luxury resort condo residences to the market.

Miami real estate agent Danielle Sliva tells the World Property Channel, "This is such an exciting new luxury resort project that will further drive a larger U.S. and International tourism base to Miami, but also attract more foreign real estate investors into an already robust downtown Miami condo market."

The 6 new high-rise towers sit atop an 8-story podium where guests can immerse themselves in a double-story, 250,000 square foot luxury retail galleria; more than 50 restaurants, lounges, bars and nightclubs; a high-tech multimedia entertainment area showcasing the music and culture of Florida and South America; and 700,000 square feet of convention and meeting space which includes a 200,000 square foot column-free ballroom, the largest in the United States. A casino will be included if Florida's legislature and governor approve Destination Resort legislation.

Each level of Resorts World Miami is designed with outdoor terraces offering spectacular unobstructed views of Biscayne Bay, downtown Miami and Miami Beach. The podium's rooftop features a 3.6 acre outdoor lagoon - a size equivalent to 12 Olympic-size swimming pools - and natural sand beaches that will enable guests to swim from Biscayne Boulevard to the edge of Biscayne Bay, a distance of more than 1,000 feet. Each hotel will also have a private swimming pool.

Resorts World Miami will be the highlight of a three-mile Baywalk beginning at the Miami River and running north to Margaret Pace Park. The Baywalk will link Bayfront Park, Bayside Market Place, American Airlines Arena, Museum Park, the Miami Art Museum currently under construction, the new Miami Science Museum currently under design, the Adrienne Arsht Center for the Performing Arts and the Omni Center. All will be connected by new public spaces and pedestrian, jogging, and cycling paths that will activate this stretch of partially completed Miami waterfront.

Resorts World Miami has been designed - and will be constructed - in accordance with all applicable zoning codes and regulations, including Miami 21, the City of Miami's comprehensive zoning code. The project has been conceived with an emphasis on sustainability and LEED-certified solutions, including three levels of below-grade parking.

Genting Group is no stranger to Miami, as they have been co-owners (and operators) of Miami-based Norwegian Cruise Lines since 2000.

Genting also partnered with Florida-based Universal Studios to build and open the $5.5 billion Resorts World Sentosa in Singapore last year, which includes a Universal Studios theme park. Within a year, Resorts World Sentosa became the world's most successful Destination Resort.

"Resorts World Miami is a continuation of the Genting Group's long history of investing in Florida and working with the state's business community. We are fully committed to develop Resorts World Miami to maximize the impact of this Destination Resort on Florida's economy. Our goal is to create Resorts World Miami as the most successful Destination Resort in the Americas," added Chairman Lim.

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