Developments have been approved for a three-tower complex at 1700 Biscayne Blvd. and for property to be constructed on the 14 acres of waterfront land that was formerly owned by the Miami Herald.

The Miami commissioners have approved development plans for a three tower complex to be located at 1700 Biscayne Blvd. which faces the Omni Complex. It will include 672 residential apartments, 181,000 retail/commercial space and 505 hotel rooms, according to Miami Real Estate News.

The project is expected to be completed by 2015 and to cost $726 million. This is part of a whole host of developments that are taking place in the area immediately north of the Performing Arts Center which is now clearly the most rapidly transforming district of Miami.

In June, an Asian casino company, Genting, purchased approximately 14 acres of waterfront land, formerly owned by the Miami Herald. The land is located east of the Performing Arts Center along Biscayne Bay. The development will be a mixed-use project with a hotel, residences, retail and the possibility of a casino.

Developers expect to spend between $2 billion and $5 billion constructing the enormous project. Genting has not specified a completion date in part because the Miami Herald, which sits on part of the property, has up to two years to find a new location.