Genting Group unveiled Wednesday its new Resort, a massive, $3.1 billion city-within-a-city.
Malaysian developer Genting Group unveiled its master plan Wednesday for Resorts World Miami, a massive, city-within-a-city development with a projected cost of $3.1 billion.
The largest North American real estate project since the $8.1 billion CityCenter project was announced for Las Vegas in 2004, the Resort would be a mixed-use residential and resort property with two residential towers boasting more than 1,000 luxury condos, four luxury hotels with 5,200 combined rooms, 50 restaurants and bars, 60 luxury shops, a convention center, ballroom space and a large yacht marine by the bay.
With the exception of Walt Disney World, it is the largest real estate project in Florida’s history.
“Resorts World Miami will accelerate Florida’s evolution as a global destination at the crossroads of the Americas,” said KT Lim, chairman and chief executive of Genting. “Most importantly, Resorts World Miami will boost confidence in Florida’s economy, creating 15,000 direct and indirect construction jobs and 30,000 permanent positions on an ongoing basis, attracting more inbound investment, and substantially increasing the tax base for the city, county and state.”
Bernardo Fort-Brescia, the co-founder of renowned architectural firm Arquitectonica, said the firm’s designs of the Resort will have a lasting impact on architecture.
The Resort will be the largest North American real estate project since 2004.
“Resorts World Miami introduces a new vocabulary of architecture to Florida, one that is inspired by the ocean and Florida’s coral reefs,” Fort-Brescia said. “At Resorts World Miami, building designs echo familiar forms that are part of our identity, including tropical fish and seashells. When you describe Miami and Florida, you inevitably come back to the water. We have captured that relationship with Resorts World Miami’s design.”
The 13.9-acre spot for the Resort, which is currently the location of the Miami Herald, was purchased by Genting three months ago for $236 million. The Herald has two years to find another location before Genting begins construction.
And this is hardly Genting’s first Miami or resort investment. The company co-owns and operates Norwegian Cruise Lines, and partnered with Universal Studios to open the $5.5 billion Resorts World Sentosa in Singapore last year, which almost immediately became the world’s most successful destination resort.