Malaysian gambling giant Genting Group isn’t redeveloping the former Miami Herald site in Miami’s Arts & Entertainment District – at least not for now.
Genting’s Resorts World Miami inked a multi-year deal with Miami-based Loud and Live to use the 14.6-acre property as an event venue, according to a press release. The announcement comes less than two months after Art Miami and Context moved their annual art fairs from Midtown Miami to the bayfront site, formerly known as 1 Herald Plaza.
Genting paid $236 million for the property in 2011 with plans to develop a luxury casino and resort, but the gambling component has been blocked by significant legislative opposition. Genting has assembled about 30 acres of land in the A&E District, including spending $185 million on the adjoining Omni retail and hotel complex.
More recent plans for 1 Herald Plaza called for two residential towers, a hotel, retail and parking, and an 800-foot walkway along the bay.
The Miami City Commission recently agreed to accept a deed for submerged land in Biscayne Bay, which the city would lease along with other submerged land for a marina development by Genting. – Katherine Kallergis