The land was once home to the headquarters of the Miami Herald. The newspaper sold the property in 2011 for $236 million to Genting, which proposed building a $3.8 billion casino resort named Resorts World Miami. Genting never could secure a gambling permit for the project. Genting didn’t respond to inquiries for comment on the listing.
Genting's Miami property now is one of the most valuable for sale in the United States with nothing comparable in markets the size of Miami, Michael Fay, the Miami-based chairman of Avison Young’s capital markets executive committee who is handling the listing, told CoStar News.
Some artistical representation of genting´s project
A 16-acre parcel of prime Miami real estate recently put up for sale by Malaysian gaming giant Genting Berhad has attracted five offers of over US$1 billion, including one of almost US$1.5 billion, according to a report by Bloomberg.
Genting already owns the Hilton Miami Downtown hotel and connected Omni Center but had hoped to develop a large-scale integrated resort, Resorts World Miami, on the parcel of land it purchased for US$236 million in 2011.
The Miami-Dade Board of County Commissioners had also commissioned in 2020 a feasibility study into a potential monorail system that would have connected Resorts World Genting with the city of Miami.
