Genting paid $236 million for the former Herald site, which includes almost 14 bayfront acres.
Genting revealed plans for a mixed-use complex with a five-star hotel, luxury condos, waterfront restaurants, retail space and an 800-foot long promenade along Biscayne Bay. Those plans were significantly scaled back from an initial $3.8 billion project, proposed in 2011, that was to include a casino.
Genting bought the building in 2011 while the gaming companyâ€™s plans for a casino were in limbo pending state legislation.
After proponentsâ€™ legislation was voted down, the company decided to set up its Miami operations in Omni and recruit tenants for the remaining 185,000 square feet of office space, according to a company spokesman.
The building, at 1501 Biscayne Boulevard, was partially converted from a shopping mall by the previous owner into office space in a $43 million renovation, as The Real
The idea never took off, the spokesman said.
Simultaneous efforts are underway by the Omni District Redevelopment Agency to bolster Miamiâ€™s arts and entertainment district â€” the site of the cityâ€™s performing arts center and opera house â€” by offering $10 million to film industry specialists to build a state-of-the-art TV and film studio.
- Miami World Centre http://www.youtube.com/watch?v=sPK2r71ZJEQ