March 18, 2013
Miami is no stranger to ground-breaking and audacious real estate developments. The city seems to add a new and unique building to its world-famous skyline every year. Now, the old headquarters of the venerable Miami Herald – which is located in much-desired bayfront real estate – will be the site of an innovative new project by the Genting Group.The Miami Herald reports:
By the end of this year, the bayfront site where The Miami Herald now stands will be reduced to vacant land ready for redevelopment.
The demolition of the Herald headquarters is the first step in the Genting Group’s plans to turn the site into a luxury hotel with up to 500 rooms and several hundred luxury condos edged by a pedestrian bay walk, said Bill Thompson, senior vice president of development for Resorts World Miami.
With casino gambling on the back burner, Genting is ready to make a commitment to Miami and move ahead with a scaled-down development plan that will start to take shape immediately after the Herald moves out in May.
“We’ve decided to go with a phased approach,” said Thompson, whose career included more than a decade as an executive with the Related Group. “That seems to be more conducive with what’s acceptable in Miami. You start out with the waterfront property and that improves the value across everything else. Then you stay fluid based on what’s happening in the marketplace.”
By the end of this year, Genting expects to sign an operating agreement with a luxury hotelier of at least four-star caliber, Thompson said. In 2014, marketing is likely to begin on the sale of two buildings of luxury condominiums, each with several hundred units.
In other words, the new complex will take into account the needs of the local community while also fitting with artistic aesthetics that define Downtown Miami Real Estate. Indeed, this development looks as if it will be bring much needed growth, room, and fun to the once decaying urban core of the city.
To help activate the waterfront, Genting is pledging to build a 50-foot wide promenade in a tiered design with three or four restaurants overlooking Biscayne Bay. Pedestrians will be able to connect from the Genting project under the Interstate-395 overpass to the new Museum Park via a boardwalk that Genting plans to build out into the bay.
To link the project with Adrienne Arsht Center for the Performing Arts and the surrounding neighborhood, Genting plans a heavily landscaped park on the south side of the project along Interstate-395. Along the northern edge will be another landscaped walkway with small retail shops.
Miami Mayor Tomas Regalado said Genting has not presented any official plans to the city. But the developer has met with city planning and zoning staff to discuss the vision, which also includes a marina to accommodate large-size boats as part of the project, Regalado said. The marina would require state approval.
Ambitious and exciting developments like this help to explain why Miami Properties are so popular and desirable. There are always rewarding new opportunities for fine living in this city. To learn more about what you can get out of Miami Real Estate, call Metro 1 Properties at 305-571-9991.