The Genting Group released development plans for its recent acquisition of prized waterfront land. Resorts World Miami will be a destination resort featuring iconic skyscrapers inspired by a coral reef. When finished the project will be the centerpiece of a new three-mile Baywalk and will total approximately 10 million square feet of mixed-use development at an expected investment of around $3 billion.
"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."
A subsidiary of Genting acquired 13.9 acres of waterfront land on the Biscayne Bay currently home to the Miami Herald for $236 million. The company then tapped local developer Arquitectonica as master plan architect for the project. (Click the links above to read more.)
The final plans call for a series of four hotels - a super-luxury hotel, a contemporary hotel, a convention center hotel, and a family hotel - with a total of 5,200 rooms along with two residential towers featuring 1,000 units. The towers will be uniquely designed to take on sculptural forms that change with different perspectives, and outside balconies will circle the towers providing unobstructed views of the bay waterfront, Miami Beach and downtown. The towers sit atop an eight-story podium complete with a two-story, 250,000-square-foot luxury retail galleria with more than 50 restaurants, lounges, bars and nightclubs, entertainment, more than 700,000 square feet of convention and meeting area space, three levels of underground parking, and a 200,000-square-foot ballroom. The podium's rooftop will feature a 3.6-acre, 1,000-foot-long outdoor lagoon complete with natural sand beaches, and each hotel will have its own swimming pool.
"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."
The project will be designed and constructed with local zoning codes and regulations, and with an emphasis on sustainability and LEED-certified solutions. The project will create thousands of temporary construction jobs and permanent service and retail jobs in the area.
The Genting Group has also acquired all outstanding mortgages at the adjacent Omni Center, which will allow it to gain control of the center in the coming months. The site is currently home to a 650,000-square-foot shopping mall, 350,000 square feet of office space, a 525-room Hilton hotel and a 2,300-space parking garage on approximately 12 acres. The company, which has also bought up several other parcels, has amassed a contiguous, 30-acre waterfront site overlooking Biscayne Bay in downtown Miami. The Omni Center will comprise Phase I of the development, and if the Florida legislature and governor pass the pending Destination Resort legislation, the shopping mall will be redeveloped into a world class casino.
The Genting Group has been investing in the US for more than 25 years, including a 50% stake in Norwegian Cruise Line and a partnership with Universal Studios to open the $5.5 billion Resorts World Sentosa in Singapore. The company and its subsidiaries are the world's largest destination resort operator with properties in Malaysia, Manila, New York and the United Kingdom along with other assets around the world.