The Genting Group struck a deal with the Miami-Dade commission to redevelop an Omni bus stop north of downtown Miami.
Under a 90-year lease of the space above the county bus station, Genting will spend $16 million on upgrades to the transit stop, and pay Miami-Dade $10 million in cash before it builds a 36-story hotel above the depot, the Miami Herald reported. Only with a series of approvals could the Malaysian gambling giant build the casino it’s been betting on.
Genting has assembled about 30 acres of land in the area, now known as the Arts and Entertainment District. That includes spending $236 million for the former waterfront site of the Miami Herald and $185 million on the adjoining Omni retail and hotel complex.
Genting subsidiary Resorts World’s plans for the bus terminal would cost about $200 million and include 20 floors of residential units and the 300-room hotel. The tower would front a “grand public plaza” and the Boulevard Shops, which are being renovated, would also be part of the project.
Genting planned to build a 5,000-room casino resort on the land, but its efforts have been stymied for years. The company has lobbied unsuccessfully for a state a law that would allow the casino development. If state law changes, Genting would then request a change in zoning from the city of Miami, and Miami-Dade would have to endorse the request because it owns the bus stop land.
As part of the deal approved by the commission on Tuesday, Genting would take over maintenance expenses for the bus terminal and the nearby Omni Metromover station, the Herald reported. [Miami Herald] – Katherine Kallergis