Miami to Become the Vegas of the East Coast?
Genting Group, a Malaysian developer which purchased 140 acres of waterfront land in Downtown Miami for $236M on May 27, has contracted the world-renowned architectural firm, Arquitectonica, to design a $3 billion gaming resort called Resorts World Miami. Genting Group has vast experience in the gaming industry. In fact, it is the third largest casino company in Asia. Currently, the Florida legislature has yet to approve a bill allowing full-based casinos to operate in the state but that has not stopped casinos from increasing the money they spend on lobbyists to push a bill through the Senate to change that.
What kind of impact do you think a Miami-based casino will have on the city? Will property values in Downtown Miami be positively or negatively affected?
One Developer Unit Remaining at 900 Biscayne Bay
900 Biscayne Bay is on the brink of being completely sold out of its developer inventory. Only one developer unit remains, unit 1708, which is a 2 bedroom/2 bath with 1,285 square feet of interior. At this time last week, four other developer units remained but various buyers have stepped in since that time to help close out the building.
900 Biscayne Bay will be the first luxury condo development to sell out in Miami of those built during Miami’s recent construction boom. It’s an amazing feat given the state of today’s economy, the extent of the real estate market downturn in Miami since the peak of the market and the fact that 900 Biscayne Bay has 516 total units. In my opinion, 900 Biscayne Bay is a first-rate product that sells itself. It has a timeless decor, amenities that impress even the most discerning of visitors to the building and breathtaking water views of the Atlantic Ocean and Biscayne Bay. 515 down, 1 to go.
