Resorts World in talks with the city of Miami to lease marina land

Resorts World in talks with the city of Miami to lease marina land

where it plans to build a marina, part of a multimillion-dollar redevelopment plan in Miami’s Arts and Entertainment District.

The Genting Group subsidiary wants to lease submerged land that’s owned by the city of Miami and the Florida Department of Transportation, according to the Next Miami. FDOT acquired a portion of the land from the city to build the MacArthur Causeway, and has agreed to deed back the land to the city. The Miami commission will vote on accepting the deed back this week.

Genting owns about 30 acres of land in the A&E District, which is north of downtown Miami. That includes spending $236 million for the waterfront site at 1 Herald Plaza, formerly the Miami Herald building, and $185 million on the adjoining Omni retail and hotel complex.

Credit: The real deal