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Genting inks multi-year deal for events at former Miami Herald site
Agreement means Genting won’t be redeveloping the bayfront property anytime soon
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