Resorts World Miami to Put Miami on the Map
Genting and Arquitectonica held a press conference yesterday afternoon to unveil plans for a $3B mixed-use development known as Resorts World Miami. The development will reside on the 13.9-acre Miami Herald land which was purchased for $236M in May of this year. The 10 million square-foot bayfront resort will have a total of 5,200 hotel rooms distributed amongst four hotels, two condominium towers with 1,000 units, more than 50 restaurants and bars and a 250,000 square-foot luxury retail center. The development will also have 750,000 square feet of convention and meeting space, including a 200,000 square-foot ballroom which would be the largest of its kind in the nation. The focal point of the development will be 3.6-acre outdoor lagoon, the equivalent of 12 Olympic-size swimming pools, surrounded by natural sand beaches. The plan also includes space for a casino but Genting first needs the Florida Legislature to approve expanded gaming for that to come to fruition.
Resorts World Miami is estimated to create 15,000 direct and indirect construction jobs as well as 30,000 permanent positions once construction is completed. Development is expected to start as early as Spring 2012 and could be completed as early as Fall 2014.
There’s no doubt that Resorts World Miami will have a huge impact on the city of Miami. “This will put Miami on the map and make it a destination,” said Bernardo Fort-Brescia, co-founder of Arquitectonica, the design team behind Resorts World Miami. I couldn’t agree more with his assessment. The development will allow Miami to compete with the big boys which includes the likes of New York City, Chicago, Los Angeles and Las Vegas. It will turn Miami into a first-rate city almost overnight and have a profound effect on property values as a result. To put everything into perspective, Resorts World Miami is a game changer.
Here’s a video that discusses Resorts World Miami more in-depth:
Miami Herald – Genting Buys Remaining Omni Debt, Reveals Resort Plans